Ernie Jowsey - Real Estate Concepts: A Handbook

Real Estate Concepts

The essential reference tool for all real estate, property, planning and construction students.

Edited by Professor Ernie Jowsey of Northumbria University, Real Estate Concepts provides built environment students with an easy-to-use guide to the essential concepts they need to understand in order to succeed in their university courses and future professional careers.

Key concepts are arranged, defined and explained by experts in the field to provide the student with a quick and reliable reference throughout their university studies. The subjects are conveniently divided to reflect the key modules studied in most property, real estate, planning and construction courses.

Subject areas covered include:

Planning

Building surveying

Valuation

Law

Economics, investment and finance

Quantity surveying

Construction and regeneration

Sustainability

Property management

Over the 18 alphabetically arranged subject specific chapters, the expert contributors explain and illustrate more than 250 fully cross-referenced concepts. The book is packed full of relevant examples and illustrations and after each concept further reading is suggested to encourage a deeper understanding. This book is an ideal reference when writing essays and assignments, and revising for exams.

Ernie Jowsey is Professor of Property and Real Estate at Northumbria University. He is the author of a number of books including Real Estate Economics and Modern Economics with Jack Harvey.

Real Estate Concepts

A handbook

Edited by Ernie Jowsey
with contributions from staff at
Northumbria University

First published 2015
by Routledge
2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN

Simultaneously published in the USA and Canada
by Routledge
711 Third Avenue, New York, NY 10017

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

2015 Ernie Jowsey, selection and editorial material, individual chapters, the contributors

The right of the editor to be identified as the author of the editorial material, and of the authors for their individual chapters, has been asserted in accordance with sections 77 and 78 of the Copyright, Designs and Patents Act 1988.

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.

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

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
Real estate concepts : a handbook / edited by Ernie Jowsey with contributions from staff at Northumbria University.
pages cm
Includes bibliographical references and index.
1. Real estate business--reat Britain. 2. Real property--Great Britain. 3. Real estate development--Great Britain. 4. Commercial real estate--Great Britain. I. Jowsey, Ernie.
HD596.R43 2014
333.330941--dc23
2013050184

ISBN: 978-0-415-85741-3 (hbk)
ISBN: 978-0-415-85742-0 (pbk)
ISBN: 978-0-203-79764-8 (ebk)

Typeset in Bembo
by GreenGate Publishing Services, Tonbridge, Kent

Contents

ANDY DUNHILL, JANE STONEHOUSE AND RACHEL WILLIAMS

STUART EVE, MINNIE FRASER AND CARA HATCHER

ANDY DUNHILL, DOM FEARON, JOHN HOLMES AND BECKY THOMSON

GRAHAM CAPPER, BARRY GLEDSON, RICHARD HUMPHREY, ERIC JOHANSEN, ERNIE JOWSEY, MARK KIRK, CARA HATCHER AND JOHN WEIRS

HANNAH FURNESS, ERNIE JOWSEY AND SIMON ROBSON

ERNIE JOWSEY

ERNIE JOWSEY AND HANNAH FURNESS

ERNIE JOWSEY AND HANNAH FURNESS

DOM FEARON AND ERNIE JOWSEY

RACHEL WILLIAMS AND SIMON ROBSON

ANDY DUNHILL, HANNAH FURNESS, PAUL GREENHALGH, CAROL LUDWIG, DAVID MCGUINNESS AND RACHEL WILLIAMS

CHERYL WILLIAMSON, DOM FEARON AND KENNETH KELLY

GLENN STEEL

JULIE CLARKE, HANNAH FURNESS, PAUL GREENHALGH, RACHEL KIRK AND DAVID MCGUINNESS

JULIE CLARKE, RACHEL KIRK AND CARA HATCHER

GRAHAM CAPPER, JOHN HOLMES, ERNIE JOWSEY, SARA LILLEY, DAVID MCGUINNESS AND SIMON ROBSON

ERNIE JOWSEY AND RACHEL WILLIAMS

LYNN JOHNSON AND BECKY THOMSON

All contributors are from the Department of Architecture and Built Environment at Northumbria University, Newcastle upon Tyne, UK.

Graham Capper BSc MSc MRICS CEnv

Julie Clarke BA (Hons) PGCED

Andy Dunhill BSc Hons MRICS

Stuart Eve BSc (Hons) MSc PCAPL MRICS

Dom Fearon MRICS

Minnie Fraser BSc MRICS AHEA

Hannah Furness MRICS

Barry J. Gledson BSc(Hons) PGCert FHEA

Paul Greenhalgh BSc (Hons) PhD MRICS FHEA PGCED

Cara Hatcher BSc (Hons) MRICS LLM

John Holmes BA MA MBEng CEnv

Richard Humphrey FCIOB CRSA FCMI FIoD MAPM PGCertAPL FHEA

Eric Johansen MCIOB MAPM

Lynn E. Johnson BSc (Hons) MRICS

Ernie Jowsey PhD MA BA (Econ) PGCE FHEA

Kenneth Kelly BSc (Hons) MRICS

Mark Kirk BSc (Hons) PGCE

Rachel Kirk DPhil FHEA

Sara Lilley BSc MSc PGHEP

Carol Ludwig PhD MRTPI MSc BSc (Hons) PGCert

David McGuinness BA (Hons) MSc PGDip FHEA MeRSA

Simon Robson DBA MBA PCAP BSc (Hons) FHEA FRICS

Glenn Steel BSc MRICS MBA

Jane Stonehouse BSc (Hons) MRICS

Becky Thomson BA (Hons) DipSurv MRICS

John Weirs MCIOB MA PGCE

Rachel Williams LLB (Hons) PGCert PGDip

Cheryl H. Williamson MBA PCAP MRICS

This book is intended to be of use to undergraduate and professional students of real estate, surveying, land management, estate management, housing, planning and all property-related courses. It may also be of interest to anyone working in the broad fields of real estate, property management, building surveying, construction management, property investment and property development.

One of the questions that university lecturers in these subjects are often asked is: Is there one book we can buy that covers everything? Of course there is no such book, because there are far too many component subjects and vast quantities of further reading in the form of books, academic journal articles, web pages, law reports and professional journal articles. Real Estate Concepts should be invaluable, however, in providing an introduction to the most important subjects in all land and property fields.

The structure of the book is very straightforward: there are eighteen chapters, covering all of the major subjects studied on real estate surveying courses by focusing on the most relevant concepts to understand in each subject. Each concept identifies key terms and further reading so that more in-depth understanding can be achieved. The concepts have been chosen and written by staff from the Department of Architecture and Built Environment at Northumbria University, all of whom are experts in their field and most of whom have considerable professional experience.

My thanks are due to all twenty-eight contributors, who delivered the concepts with admirable good humour while under considerable pressure from their day jobs and their students! My thanks must also go to Ed Needle from Routledge for his patience throughout this project. While there are many contributors to