MPRE Master of Planning with Real Estate

Year of entry: 2022

Course unit details:
Valuation & Appraisal

Unit code PLAN21012
Credit rating 20
Unit level Level 2
Teaching period(s) Semester 2
Offered by Planning and Environmental Management
Available as a free choice unit? Yes

Overview

•      Week 1: Lecture/Workshop:
            Introduction to property valuation – what, how and why?

•      Week 2: Lecture/Workshop:
            The five methods of property valuation
           

•      Week 3 Lecture/Workshop:

                   Rents, yields and investment property
            Analysing comparable evidence
                                

•      Week 4 Workshop:
            Compounding and discounting 1 – the basic mathematics of valuation
           

•      Week 5 Field Trip:
            Compounding and discounting 2 – further mathematics of valuation
           

•      Week 6: Valuation of ownership interests (freeholds)
           

•      Week 7 Lecture/Workshop:
            Assignment 1 surgery
           

•      Week 8 Lecture/Workshop:
            Valuation of subordinate interests (leaseholds)
           

•      Week 9 Lecture/Workshop:
            Valuation regulation – UK, European and International standards
           

•      Week 10 Lecture/Workshop:
            Introduction to discounted cash flow techniques (DCF)
           

•      Week 11 Lecture/Workshop:
            Making DCF models more sophisticated

                   Valuing multi-occupied properties

Week 12 Workshop:
Assignment 2 surgery

 

Aims

  • Introduce the principal methods of property valuation and measurement

 

  • Demonstrate the application of traditional and contemporary methods of valuation in a range of contexts

 

  • Identify and evaluate the physical, legal, and economic factors affecting the value of real estate assets

 

  • Explore the regulatory framework governing property valuation in practice

Learning outcomes

On completion of this unit successful students will be able to:

 

  • Select appropriate valuation techniques and apply them accurately in a range of contexts

 

  • Explain the framework of regulation for valuation practice in the UK and international contexts

 

  • Recognise, explain, and evaluate the factors affecting rental values, capital values, and investment yields

 

  • 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

Syllabus

Syllabus

•      Week 1: Lecture/Workshop:
            Introduction to property valuation – what, how and why?

•      Week 2: Lecture/Workshop:
            The five methods of property valuation
           

•      Week 3 Lecture/Workshop:

                   Rents, yields and investment property
            Analysing comparable evidence
                                

•      Week 4 Workshop:
            Compounding and discounting 1 – the basic mathematics of valuation
           

•      Week 5 Field Trip:
            Compounding and discounting 2 – further mathematics of valuation
           

•      Week 6: Valuation of ownership interests (freeholds)
           

•      Week 7 Lecture/Workshop:
            Assignment 1 surgery
           

•      Week 8 Lecture/Workshop:
            Valuation of subordinate interests (leaseholds)
           

•      Week 9 Lecture/Workshop:
            Valuation regulation – UK, European and International standards
           

•      Week 10 Lecture/Workshop:
            Introduction to discounted cash flow techniques (DCF)
           

•      Week 11 Lecture/Workshop:
            Making DCF models more sophisticated

                   Valuing multi-occupied properties

Week 12 Workshop:
Assignment 2 surgery


           

Lecture/Workshop normally involves 1 hour of lecture and 1 hour of workshop

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 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 and measurement 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 and workshops. 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.

Assessment methods

Assessment activity

Length required

Weighting within unit

Group activity:
Building inspection and market analysis report

1,000

30%

Individual activity:
Property valuation report

2,000

70%

 

Study hours

Scheduled activity hours
Lectures 20
Independent study hours
Independent study 180

Teaching staff

Staff member Role
Mark Shepherd Unit coordinator

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