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The Valuation of Historic Buildings

The RICS has recently published an  extremely useful  Information Paper for members  who are involved in the valuation of Historic Buildings.  Due to the  type of work  undertaken  and the  geographical area within which GSC Grays operates, we as a business are often involved in the valuation of interesting and historic buildings for our clients.

Here are a few key areas that need consideration when approaching a valuation of a property of this nature:

The valuation of historic property ranges from the relatively straightforward to more complex scenarios, but the common principle that first needs to be understood, is that any property asset will be subject to market forces and its value may therefore be measured within the marketplace when traded.  The historic assets that most valuers will encounter are  still in existence primarily because they are, or were,  capable of a beneficial use and have been adapted  over time by their owners and  occupiers in order to meet changing market forces and demands.

A valuation may be required for a number of reasons, including:

  • sale or purchase
  • mortgages and loans
  • letting and investment
  • grants
  • compulsory purchase
  • taxation
  • valuation for financial statements.

The starting point for the valuation of any property, be  it historic or  otherwise, is compliance with the RICS  Valuation  –  Professional Standards January 2014 (the  ‘Red Book’). Therefore, when  accepting an instruction  to  provide  a  valuation  of  historic  assets,  valuers  should  first  satisfy  themselves  that  in accordance  with  PS  2.3  Member  qualification,  they  possess  the  market  knowledge,  skills  and understanding necessary to  undertake the valuation competently.  It is stressed that in any circumstance where the valuer does not have appropriate knowledge and skills, the instruction should be declined (PS 2.3, Member qualification).

Whatever  the  underlying  purpose,  any  valuation  will  reflect  the  principal  market  influences  common throughout the property sector: location, the demand  and supply cycle, economic and political  forces, social influences, the physical environment, etc. What separates historic property from the wider market are the additional factors, the impact of which should also be measured by the valuer; these include the effect of  the historic nature and architectural interest on value,  together with the particular constraints imposed by the  statutory framework and less tangible elements, such  as the indirect cultural and social benefits arising from the property.Should  you require  a  valuation  of  your own  historic  building  in  the  area,  please  feel  free to  contact David Cooper to discuss the matter in greater detail.  Tel: 01677 422400 Email:

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