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Andrew Baum - The Income Approach to Property Valuation

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Book:
The Income Approach to Property Valuation
Author:
Andrew Baum / David Mackmin editor / Nick Nunnington editor
Publisher:
Routledge
Genre:
Books / Romance novel
Year:
2017
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A classic textbook that has guided generations of students through the intricacies of property valuation, The Income Approach to Property Valuation remains a keen favourite amongst students and teachers alike. This new edition has been thoroughly revised and updated to meet the increasingly international perspectives of modern Real Estate students. The links between theory and practice are clearly demonstrated throughout, with a range of new international case studies and practice-based examples. The Income Approach to Property Valuation teaches readers:

how to analyse market rents and sales prices to derive market evidence to support an opinion of market value;
the investment method of valuation and how it is applied in practice;
how specific legal factors can impact on market value when they interfere with market forces;
what the market and the profession may consider to be the right methodology in todays market place; and
how to use spreadsheets in valuation.

This extensively revised new edition is perfect both for students on Real Estate courses worldwide and for professional candidates working towards their final assessment of professional competence (APC) for the Royal Institution of Chartered Surveyors, needing to demonstrate a valuation competence at levels 2 and 3.

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The Income Approach to Property Valuation

A classic textbook that has guided generations of students through the intricacies of property valuation, The Income Approach to Property Valuation remains a keen favourite amongst students and teachers alike. This new edition has been thoroughly revised and updated to meet the increasingly international perspectives of modern Real Estate students. The links between theory and practice are clearly demonstrated throughout, with a range of new international case studies and practice-based examples. The Income Approach to Property Valuation teaches readers:

how to analyse market rents and sales prices to derive market evidence to support an opinion of market value;

the investment method of valuation and how it is applied in practice;

how specific legal factors can impact on market value when they interfere with market forces;

what the market and the profession may consider to be the right methodology in todays market place; and

how to use spreadsheets in valuation.

Andrew Baum is Chairman of Property Funds Research and Newcore Capital Management, and Visiting Professor of Management Practice at the Sad Business School at the University of Oxford. He was formerly Professor of Land Management at the University of Reading where he is now Emeritus Professor, Honorary Professor of Real Estate Investment at the University of Cambridge and Fellow of St Johns College, Cambridge.

David Mackmin is Emeritus Professor of Real Estate at Sheffield Hallam University. He was formerly Professor of Real Estate at Sheffield Hallam University, Visiting Professor of Valuation at the Technische Universitt Wien and Course Director of undergraduate and postgraduate courses at the University of Reading.

Nick Nunnington is Visiting Professor of Corporate Real Estate at Nottingham Trent University. He was formerly Principal Lecturer at Sheffield Hallam University, Sorouh Dean of Real Estate Management at the Higher Colleges of Technology in Abu Dhabi and subsequently an Associate Vice Provost for quality and curriculum development for professional courses across 17 colleges in the United Arab Emirates. He is now a freelance academic with a variety of roles including teaching blended learning courses on the Master of Real Estate programme at the University of Adelaide, Australia.

The Income Approach to Property Valuation

Seventh Edition

Andrew Baum, David Mackmin and Nick Nunnington

Seventh edition published 2018

by Routledge

2 Park Square, Milton Park, Abingdon, Oxon, OX14 4RN

and by Routledge

711 Third Avenue, New York, NY 10017

Routledge is an imprint of the Taylor & Francis Group, an informa business

2018 Andrew Baum, David Mackmin and Nick Nunnington

The right of Andrew Baum, David Mackmin and Nick Nunnington to be identified as authors of this work has been asserted by them in accordance with sections 77 and 78 of the Copyright, Designs and Patents Act 1988.

The copyright of chapter 12 is retained by Howard Day.

All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers.

Every effort has been made to contact copyright-holders. Please advise the publisher of any errors or omissions, and these will be corrected in subsequent editions.

Trademark notice : Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe.

First edition published by Routledge & Kegan Paul 1979

Sixth edition published by Routledge 2014

British Library Cataloguing-in-Publication Data

A catalogue record for this book is available from the British Library

Library of Congress Cataloging-in-Publication Data

Names: Baum, Andrew E., author. | Mackmin, David. | Nunnington, Nick.

Title: The income approach to property valuation / Andrew Baum, David Mackmin and Nick Nunnington.

Description: 7 Edition. | New York : Routledge, 2018. | Revised edition of the authors The income approach to property valuation, 2011. | Includes bibliographical references and index.

Identifiers: LCCN 2017019500| ISBN 9781138639621 (hardback : alk. paper) | ISBN 9781138639638 (pbk. : alk. paper) | ISBN 9781315637099 (ebook)

Subjects: LCSH: Real propertyValuationGreat Britain. | Real estate investmentGreat Britain.

Classification: LCC HD596 .B38 2018 | DDC 333.33/20941dc23

LC record available at https://lccn.loc.gov/2017019500

ISBN: 978-1-138-63962-1 (hbk)

ISBN: 978-1-138-63963-8 (pbk)

ISBN: 978-1-315-63709-9 (ebk)

Typeset in Times New Roman

by Keystroke, Neville Lodge, Tettenhall, Wolverhampton

Contents

The first edition in 1979 could have been described as having a theme of raising awareness. Andrew and David were conscious of the fact that much of the methodology of the income approach was at that time rote taught and applied according to a specific set of rules such as:

always adjust yields by one to two per cent to reflect security of income;

analyse sales in the same way to establish multiple yields varying by one to two per cent;

allow for repairs, insurance and management using percentages of rent, rarely clarified in terms of rent reserved or rental value and clouded in subjectivity in terms of the percentages to use; and

value leaseholds using dual rate or dual rate adjusted for tax at two per cent above the equivalent freehold rate.

In the UK the use of Years Purchase (YP) prevailed often without any appreciation of the fact that YP was the present value of 1 per annum. Andrew and David wanted to encourage valuers to explore alternative approaches that reflected more closely the behaviour of investors. They also wanted to emphasise that much of valuation is about identifying and evaluating risks and they wanted to make this process much more explicit.

A great deal has changed since then: the property market has grown into an international market; it has grown in scale with prices for the best city centre properties selling for hundreds of millions of pounds, dollars or whatever; property has become a recognised investment class with mixed portfolios looking at about 15 per cent in land and buildings and with many billion pound plus property-only funds. At the same time investors have become more cautious requiring the services of qualified professional valuers with strong ethical beliefs and seeking greater global consistency in valuation standards, value definitions, basis of property measurement and application of the income approach .

We also recognise that university education has changed dramatically in this time with a much greater emphasis on application and employability. Students need to be prepared for placements/internships or graduate jobs that throw them in at the deep end. Those placements are increasingly international and expectations of what an intern can do are much higher than before. They need to be able to manage the application of valuation theory, not just regurgitate it, and be able to balance consistency of purpose and professional standards with local context and client requirements.

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