Peter Dent

Property stigma: wind farms are just the latest fashion

Purpose – The Governments aim to curb CO2 emissions from energy production has resulted in the growth of a new environmental feature; the wind turbine. Whilst this may help tackle climate change, there is concern that the visual and aural presence of these turbines could have a negative impact on house prices. Opinion studies undertaken within the UK appear to show significant variations in attitudes towards wind farms in different locations (in particular between Scotland and southern England) and at different stages during the development process. However, to date, no research has established the actual impact on proximate house values. Therefore, the purpose of this study, sponsored by the RICS, is to develop a methodology to measure the likely impact of onshore wind farms on house prices in the UK.Design/methodology/approach – This study focused on residential property surrounding two wind farms in Cornwall. Transaction data for 1,052 house sales completed between 2000 and 2004 were obtained and anal...

Managing public sector property assets: the valuation issues

Considers the nature of local authority assets within the context of overall management objectives. Raises questions about the categorization of public assets and the way in which they are perceived by local authorities. Analyses research undertaken to examine the compilation of asset registers, the methods for the valuation of these assets, the appropriateness of such methods and the resulting explanations of value. Assesses the recently completed exercise undertaken by UK authorities to record their property asset stock and suggests, in the longer term, how such an exercise could be modified to incorporate more appropriate means of valuing some of its assets.

Efficient management of public sector assets The call for correct evaluation criteria and techniques

Research undertaken by the authors over the last two years has revealed a number of problems in valuing non‐market, non‐investment properties in the public sector. The first part of the article draws together some of the literature in the area of public sector asset valuation and management. This is intended, first, to highlight current thinking about the issues involved in the valuation exercise, second, to focus on some of the unresolved aspects and, finally, to suggest areas for further consideration to help resolve these.The second part of the article provides an introduction to, and critical examination of, the valuation methodology commonly used to value specialised property assets. Possible alternative approaches are suggested, which may better enable authorities to assess the performance of their assets and integrate these into the management processes.

An Analysis of the Level of Maturity in South-East Asian Property Markets

Abstract Previous literature has argued that mature markets should have the ability to accommodate a full range of use and investment objectives, with the provision of a sophisticated property profession and its associated institutions and networks. As a consequence, maturity level can be seen to influence office investment activities. South-East Asian cities present an interesting array of property markets at various stages of evolution. Where each city is now and where it is heading is the result of a complex mix of underlying factors. This paper attempts to apply the methodology which has been developed in the European context to the South-East Asian market.

Corporate real estate: changing office occupier needs ‐ a case study

The intention of this paper is to examine the perceptions of existing office occupiers in an effort to determine whether current property provision is meeting need and also to aid understanding of potential future requirements. The data which support the paper were gathered as part of a comprehensive study of the Birmingham office market undertaken by the authors. The objective of that study was to gain a better understanding and appreciation of occupier needs and preferences in terms of the type and location of commercial office accommodation. The study also included an analysis of occupiers’ responses to determine future demands and trends for such accommodation.

Public property holdings: evaluating the asset

Assesses the methods which can be used to value non‐market property assets in the light of increased demands for such valuations in a time of movement towards greater public accountability. Discusses the inadequacy of current methods of valuation which assume that the property is used for financial gain when no established supply and demand market exists for public property assets. Concludes that a valuation should reflect environmental as well as economic efficiency of buildings.

Calculating the cost of overheads: the real impact of HVOTLs on house price

Purpose – The purpose of this paper is to establish whether or not asking price can provide a reliable indication of the impact of a negative externality when transaction data are scarce.Design/methodology/approach – Until recently, transaction data within the UK were either unobtainable or expensive. Subsequently, an analysis of the value impacts of living near negative externalities (such as high voltage overhead power lines (HVOTL)) relies almost entirely on valuer expertise. Since behavioural research suggests that valuers often anchor to asking price which, in theory, is based on the selling agents opinion of the likely transaction value of a property, the argument is made that “asking price” provides a reliable indication of the impact of a negative externality when transaction data are scarce. This theory is tested through an analysis of the real versus perceived impacts of an HVOTL on proximate house prices.Findings – The results, whilst providing additional evidence to support the relationship b...

The strategic management of surplus property in the NHS

There are two principal elements to consider in relation to the strategic management of any organisations surplus property. The first is the process by which the property is identified and declared surplus and the second is the procedure for managing such property effectively until disposal finally takes place. This paper is based on the research undertaken to consider: the key characteristics of good “strategic” management of surplus property; how other bodies (private and public) have improved their strategic management of surplus properties in the recent past; how the proposals in “Sold on Health” appear to meet good practice; and any lessons that can be learnt by the National Health Service from this work.

Climate change and professional surveying programmes of study

Purpose – The purpose of this research paper is to examine some of the issues that the UK surveying profession need to consider with regard to climate change in the built environment.Design/methodology/approach – The paper is based on an examination of literature related to adaptation and mitigation and the flow of information in the context of climate change and the built environment. The findings in this paper are based on a questionnaire survey (September 2008) of recent graduates from 23 programmes in the UK to assess the current state of knowledge and understanding of the issues confronting the profession with regard to the impact of climate change. They follow on from an earlier independent perception survey of Royal Institution of Chartered Surveyors (RICS) members which specifically focused on climate change. The findings from this survey suggested a degree of unpreparedness amongst the surveying community in the UK regarding issues around climate change and the built environment.Findings – The pa...

Invariance assumptions among the UK property professionals' decision making

Purpose – Traditional finance theory have developed on the basis of expected utility theory and assumes that investors are rational. However, recent developments in behavioural finance challenge this, and thus question the validity of the assumptions on which expected utility theory are based. However, existing studies on this matter have mainly focused on capital markets, and research in the property industry has tended to lag behind. Therefore, adopting UK property professionals as samples, this paper aims to explore the reliability of the invariance assumption of peoples behaviour under expected utility theory.Design/methodology/approach – To fulfil the aim of this paper, a questionnaire survey was undertaken among the property professionals in London during the second half of 2005. Benefited from the group administrative method 78 out of 99 questionnaires were returned, and this reflects an overall response rate of approximately 79 per cent.Findings – The research identifies that among the tested UK ...