The Impact of Changes in Legislation and Technology on the Property Valuation Process

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1)           Valuation in the new world of technology – The permitted use of AI and AVMs in Property Valuations

AI is ubiquitous in all aspects of our lives. It offers time-saving systems and frameworks to aid valuers with valuations. AI is not prohibited in valuations when used appropriately but “what is appropriate?” Understanding the role of automation in valuations and valuation reports is essential to providing valuations in accordance with RICS Valuation Standards (The Red Book).

2)           The proposed a ban on upwards-only rent reviews in new commercial leases in England and Wales

The intention of the change in legislation is to create a fairer rental market by allowing rents to fall as well as rise at reviews. The proposal is still at the consultation stage but it will not be retrospective. This will create, for a period of transition, a two-tier market as risks and cash flow certainties will be different between the new and old leases. Valuers need to have the knowledge and skills to value each market correctly.

This talk will look at:

• What is AI and how can it be used appropriately in property valuations
• The importance of confidentiality in Report Writing; AI is based on sharing.
• The need for diligence in undertaking valuations when technology or legislation changes create new cash flows or challenges to process
• Dealing with uncertainty and risk in all valuations

Nick French, Real Estate Valuation Theurgy, Property Education