Development Appraisals

Question 1

What are the recent changes to the NPPF?

Answer 1

Government striving to reduce red tape

Introduction of grey belt

Housing targets

Question 2

What knowledge do you have of the RICS Professional Standard for Valuation of Development Property?

Answer 2

Professional standard to guide the valuer in the approach to development property valuations

Defined within the IVS410

Should be read in conjunction with the Red Book

Contents: development value process, establishing the facts, assessing potential, valuation approach, risk analysis, reporting.

Question 3

What are the limitations of the a residual Valaution

Answer 3

You are replying on key input to be correct and there are many variables.

The inputs are subject to change.

Any wrong input and significantly vary a valuation.

Question 4

What is the UK affordable housing requirement?

Answer 4

It is largely down to the discretion of the local authorities, but generally any development over 10 dwellings would be subject to affordable housing. Some location authorities may differ in rural settings where 5 dwellings may be the limit.