MSc Urban Regeneration and Development

Year of entry: 2024

Course unit details:
Property Valuation

Course unit fact file
Unit code PLAN60331
Credit rating 15
Unit level FHEQ level 7 – master's degree or fourth year of an integrated master's degree
Teaching period(s) Semester 1
Offered by Planning and Environmental Management
Available as a free choice unit? Yes

Overview

In this module you will consider the role of property and the purpose of valuation. You will examine the five principal methods of valuation and their application. Through lectures, workshops and tutorial exercises you will develop competence in applying these techniques to various property types and interests, with particular focus on the market and income approaches. You will research and analyse property data and develop understanding of the factors which affect value, the hierarchy of evidence and the reliability of valuations. This unit will enable you to critically consider contemporary issues in property valuation. Through the assessment process, you will be able to explore a sector of the property market in depth. You will have the opportunity to enhance your negotiation skills through the group task. You will also have the opportunity to inspect and measure, for valuation purposes, a commercial building in Manchester City Centre and prepare a valuation report, having regard to the appropriate professional regulations.

 

Aims

• introduce the principal methods of property valuation and measurement

• demonstrate the application of these methods in a range of contexts

• explore the mathematical basis of different methods of valuation

• critically examine the physical, legal and economic factors affecting the value of real estate assets and the regulatory framework under which valuations are carried out

• critically investigate current issues in valuation practice

 

Teaching and learning methods

A range of teaching and learning methods will be adopted with conventional lectures used to introduce the topics in a structured manner. Workshops and tutorials will be used to apply valuation and measurement techniques and to facilitate critical debate about key issues in valuation theory and practice. There will be opportunities to explore current issues with valuation practitioners to ensure that any valuation debate is grounded in current practice. A key element of this unit is the on-site inspection, measurement and valuation exercise to allow these skills to be applied in a real world environment.

All unit material will be available online. Formative feedback will be provided through Q&A, discussion and interactive activities within lectures, workshops and tutorials. Verbal feedback will be available on coursework discussed during consultation hours and assignment surgeries. Where appropriate, the discussion board on Blackboard will be used as a repository for FAQs.

 

Knowledge and understanding

  • Critically discuss the characteristics of property markets across sectors and geographical areas
  • Select appropriate valuation techniques and apply thee accurately in a range of contexts
  • Explain the framework of regulation for valuation practice in the UK and international contexts

Intellectual skills

  • Critically appraise a range of valuation approaches and techniques and their application in a variety of property market conditions
  • Reflect and comment upon the reliability and accuracy of single point estimate valuations

Practical skills

  • Demonstrate numeracy skills through the appreciation of issues around selection, accuracy, uncertainty and approximation with numbers
  • Communicate ideas effectively though the preparation of professional reports and written essays
  • Demonstrate negotiation skills to reach agreement, recognising intercultural backgrounds and written essays

Transferable skills and personal qualities

  • Appreciate the role of professional regulation, including the role of lifelong learning
  • Within a team, recognise and identify the views of others and work constructively with them

Assessment methods

Group valuation and measurement exercise, Presentation  (25%)

Individual essay based on contemporary valuation issues, 3000 words (75%)

Feedback methods

Detailed feedback on summative assessments will be provided via Blackboard. This will be in written or audio format.

Recommended reading

Blackledge M. (2017) Introducing Property Valuation (2nd Edition), Abingdon: Routledge

Baum A., Mackmin D. and Nunnington N. (2011) The Income Approach to Property Valuation (6th Edition), Oxford: EG Books

Hayward R. (Ed.) (2008) Valuation: Principles into Practice (6th Edition, Abingdon: EG Books

Millington A. F. (2000) An Introduction to Property Valuation (5th Edition), London: Estates Gazette

Scarrett D. and Osborn S. (2014) Property Valuation: The 5 Methods (3rd Edition) Abingdon: Routledge

Shapiro E., Mackmin D. and Sams G. (2013) Modern Methods of Valuation (11th Edition), Abingdon: Routledge

Wyatt P. (2013) Property Valuation (2nd Edition), Oxford: Wiley-Blackwell

Study hours

Scheduled activity hours
External visits 4
Lectures 16
Seminars 4
Tutorials 16
Independent study hours
Independent study 110

Teaching staff

Staff member Role
Mark Shepherd Unit coordinator

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