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The first edition of this highly successful text was published in 1979 since when it has remained a best seller. It was the first critical appraisal in book form of property investment valuation and analysis as practised in the UK. In the intervening years many of the alternate approaches outlined at that time have become part of today's valuation practice.
The advances made in PCs and associated valuation software have made it much easier for the profession to cope with issues such as: adjustments for acquisition costs, quarterly and monthly in advance rental payments, over-rented properties, true equivalent yields, internal rates of return, sensitivity analysis, growth-explicit DCF valuations and worth calculations.
This edition has been fully reviewed and re-worked and has taken account of changes in legal principles relating to commercial and residential property. Additional spreadsheet examples have been included as the authors believe the construction of spreadsheets is a perfect way to come to terms with the underlying investment concepts as they are applied by valuation surveyors.
The extensive appendices covering the RICS Appraisal and Valuation Standards have been removed as the material is now readily available to students and practitioners through other avenues. This edition also reviews the use of the dual rate approach to leasehold valuations and with sound reasoning rejects it as a market valuation technique. The text has been completely reset but the content retains its user-friendly style, making it an ideal book for the student of real estate valuation.