Principles of Residential Survey and Valuation Practice: Comparable Evidence

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Contents

As the property market cycle turns once more, and talk of recession is replaced by concerns about an unsustainable boom, residential valuers inevitably face a different set of challenges. To what extent are lessons learned during the downturn still appropriate or are adjustments required? The process of identifying, analysing and applying comparables remains at the heart of valuation practice but how should the principles be applied in more buoyant market conditions while avoiding the shortcomings which created such problems last time around?

Learning Objectives

This video aims to help participants to understand:

• How to select the most suitable comparable evidence
• What current guidance from RICS says about comparable evidence
• How difficulties with comparable evidence during new build valuations can be resolved
• How to apply comparable evidence in challenging market conditions
• Why analysing and recording comparable evidence has become so important

Speaker

PHILIP SANTO

Philip Santo is a Chartered Surveyor with over 35 years experience as a residential surveyor and valuer. He has acted as a consultant for RICS, representing RICS on the Council of Mortgage Lenders Valuation Panel and undertaking a range of project work within the Residential Professional Group. Philip contributed to the major review of the Red Book Mortgage Valuation Practice Standard in 2011, the Guidance Note on the Valuation of New-build Residential Homes, 2012, and Information Papers on Comparable Evidence in Property Valuation, 2012, and Automated Valuation Models, 2013.

Philip acts as a consultant for Buildoffsite, an industry-wide organisation which promotes the use of off-site and innovative technologies as a potential solution to the productivity and quality challenges facing the construction industry. He played a pivotal role in the establishment of the Buildoffsite Property Assurance Scheme (BOPAS) which was launched at RICS earlier this year.

Philip provides a range of CPD training and presentations and is a visiting lecturer at Portsmouth University. He writes for a number of professional publications, including the Case Notes series in the RICS Property Journal. His second edition of Inspections and Reports on Dwellings: Assessing Age was published by Routledge in July,http://www.routledge.com/books/details/9780080971322/. His second book in the series, Inspections and Reports on Dwellings: Inspecting is scheduled for publication in 2014.

His independent practice, Philip Santo & Co, Chartered Surveyors, offers a variety of consultancy services including advice on Automated Valuation Models and providing expert reports. Images from his extensive portfolio of property and survey-related photographs frequently feature in RICS journals and professional publications.