This section of the Property Market Report explains how the Valuation Office Agency collects data and how this data is processed to provide the information contained within the report.
The Valuation Office receives details of all completed property transactions of property sold, or leased for seven years or more, or where an existing lease on land and buildings is assigned. The provision under which purchasers/transferees or their legal representatives are required to supply this information is Section 28 of the Finance Act 1931. This has been amended by further legislation but the 1931 Act remains the empowering statute. Within each local office these transactions have been recorded and analysed, originally in bound volumes, but more recently on computer. The recording, and more importantly the analysis of data provides the Valuation Office with a unique database covering more than 50 years of property transactions. The core data for the Property Market Report are these completed property transactions.
In the preparation of the Property Market Report, District Valuers also have regard to all other market intelligence available to them and which is normally taken into account when forming an opinion of value.
The Property Market Report was designed to allow readers to follow trends in value of readily recognisable types of property in discrete locations across the country. Typical property types or "beacons" were selected for each market sector and these are fully described in the front of each section of the report. The value of each beacon type is revisited every six months and reviewed in the light of property transactions recorded, market intelligence and local information obtained and verified by District Valuers. The property types are reviewed on a regular basis to ensure they are representative of properties found across the whole of England, Scotland and Wales. Where design and property specifications have changed, the beacon types will be re-defined in order to maintain their representation of the market.
Each report although standing alone is also part of a time series and this report prepared as at 1982 is the first in the series which take snap shot views of the market at six monthly intervals from 1983 onwards.
A common feature of all the tables provided is that they are of unweighted data covering a consistent and representative range of property types and not simply reporting on the property actually sold in a given period.
Set out in the following pages are details of the methodology adopted in providing information in each of the sectors.
DVs are requested to express their opinion of the capital and tenanted value of various types of agricultural land within their individual localities. The opinions expressed are for fully equipped farms typical to the locality and for un equipped land that does not have the benefit of a farm house or steading
The description of the fully equipped ‘typical farm’ for each farming category is as set out below:
Arable Farm - 300-500 acres with a house appropriate for the size of holding and modern buildings adequate for the business.
Dairy Farm - 150-250 acres with a house appropriate for the size of holding and modern buildings and accommodation for a commercial herd. Milk quota was not introduced until 1984.
Mixed Farm - 200-500 mixed arable livestock with a house appropriate for the size of holding plus a mixture of modern and traditional buildings adequate for the business
Hill Farm - 1000 acres minimum with the majority over 1500 ft above sea level and comprising open mountain and moor land with a house appropriate to the holding and buildings adequate for the business
The average values for England and Wales are based on the opinions of value at 50 locations for arable land, 46 locations for dairy land, 53 locations for mixed land and 8 locations for hill land. The averages for Scotland are based on 7 locations. The published data is simple averages of all the reported locations within each region/country.
Where there is no entry the land type is not typical within the area.
The report covers typical sites in excess of two hectares and land is assumed to be in a typical location for the area, have planning permission, services to the edge of the site and be ripe for development.
The values should be regarded as illustrative rather than definitive and represent typical levels of value for sites with no abnormal site constraints and a residential planning permission of a type generally found in the area.
The averages for England and Wales are based on a total of 104 localities and the average for Scotland is based on 10 localities. The values reported for the regions are simple averages rounded to the nearest ten thousand pounds. The figures have not been weighted for population size in each local authority area or for the size of the sites.
The report covers six property types in England, Scotland, Wales and provides opinions of vacant possession values and values in respect of two property types subject to a regulated tenancy in accordance with the Rent Act 1977.
The opinions expressed are values of the property types within an average location within the named town or city. Where there is no entry the property is not a recognisable house type within the location.
The report covers 114 locations in England and Wales and 14 in Scotland.
The tables/graphs show the rental value of a range of property types within the commercial and industrial market at 99 locations in England and Wales and 9 in Scotland.
DVs report the typical value and range of value of land with planning permission for industrial use within 97 localities covering England and Wales and 8 in Scotland, based on transactional evidence. It is assumed that all services are available at the edge of the site and the site is ripe for development. The localities are as shown in the individual table of values.
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