Property Valuations by RICS valuer within Dorset and Hampshire
We have been valuing both commercial and residential properties since the 1980s. We are able to help with sale , acquisition, probate, matriminial immigration, disputes and various HMRC matters.
We offer a personal helpful service and are registered RICS Valuers. For a competitive price please contact me at the below.
Property Valuations Hampshire and Dorset
A red book valuation is the name that is given by practitioners to a valuation report that adheres to the Royal Institution of Chartered Surveyor’s Valuation Professional Standards, also known as the Red Book.
The valuation standards are a set of mandatory rules and guidelines for RICS Registered Valuers to follow when they are undertaking valuations. They do not tell a Valuer how to value a property – that is left to the individual Valuer to use his or her training, experience and judgment – but they do set out the standards that should be followed.
The standards cover such subjects as ethics, duty of care, the qualifications of the valuer and the minimum content of a valuation report. Their aim is to ensure that the report received by a Client is prepared to the highest possible professional standards, that there are no conflicts of interest and, as only RICS Registered Valuers are permitted to undertake red book valuations, that it has been prepared by a suitably qualified practitioner.
Red book property valuations are the preferred form of valuation report for banks when contemplating secured lending, by HMRC for taxation, lawyers that are dealing with property disputes, accountants for capital accounting and charities that need to meet statutory requirements. These parties, organisations and institutions know that when they receive a red book report, the valuation figure is well considered, backed with robust commentary and evidence and will stand up to scrutiny.
Clients often ask what the difference is between a red book valuation and the free ‘valuation’ an estate agent provides prior to sale. Strictly speaking, these are not valuations and instead should be considered as marketing appraisals and are generally not sufficient for taxation, secured lending or accounting purposes. The reason for this is that the recipient cannot be entirely sure of the qualifications, objectivity and independence of the person undertaking this work, whereas with a red book valuation, the recipient knows that the party is a Registered Valuer and is required to undertake a set number of hours training every year and must adhere to the RICS’s high ethical standards. Valuation reports do not comment on defects other than to state the property appeared after a cursory inspection to be in good, reasonable or poor condition. Lofts are not inspected nor are damp meter readings taken.
A RICS valuation report is delivered by a RICS valuer by carrying out following tasks:
- Desktop research: Market research to identify relevant comparables that are like for like in terms of property type, size, and age and within limited distance to the property being inspected.
- Visual Inspection: Undertake a visual inspection of the property to the extent which is accessible with safety and from within the boundaries of the site and/or from adjacent public/communal areas.
- Post inspection analysis: Post inspection ‘number crunching’ i.e. translating the raw data into usable outcomes for the valuation report.
There is no longer such a thing as desktop valuation; we will have to reattend and go through the whole process for the same fee as previously.
All valuations are purely for clients and not lenders and we are regulated by the RICS
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Savills Forecast …
House prices rose 0.1% in June across the country, with annual growth now at 0.6%, according to Nationwide. Most regions have seen no movement in house prices over the last year. The exceptions are Wales and the West Midlands, which saw price rises, and the South East, which saw falls. London had a surprisingly strong Q2, up 0.6% since Q1, its strongest quarter since Q1 2017, but prices are still down 1.9% on an annual basis, in line with our forecast.
Supporting these relatively stable prices is the RICS Survey, in which far fewer surveyors reported price falls than in recent months. But the majority are still reporting price falls. More surveyors also reported rising numbers of both new instructions and new enquiries. The majority still report falling numbers, but both measures are at their most positive since last summer. Transaction numbers have also shown some signs of stabilisation from their recent downward trend according to early indications. Further months of data are needed to confirm this.
A further sign of stable market activity is the continued resilience of the mortgage market, with the continued rise in the number of approvals. Loan to Value ratios have been rising, with the national average LTV for first time buyers now at 78%, its highest ever post-GFC value. This shows that banks are keen to continue lending. Oxford Economics is now not expecting a base rate rise until May 2020, amid wider economic uncertainty, and mortgage interest rates have stopped increasing. This maintains the affordability of mortgages and supports house prices.
Some of the towns covered are Bournemouth, Poole, Wimborne, Christchurch, Ferndown, Highcliffe, Barton on Sea, Milford on Sea, Bransgore, Ringwood, New Milton, Lyndhurst, Brockenhurst, Sway, Hordle, Winchester, Lymington, Hythe, Southampton, Chandlers Ford, Romsey, Basingstoke, Alton, Downton, Aldershot, Portsmouth, Dorchester.