Affordable Housing Valuation – St. Martins Plain
Shorncliffe Garrison, Folkestone, Kent
About this project
We were instructed by a Housing Association to carry out of valuation of 30 residential units, which comprised a Section 106 site forming part of a larger residential led scheme.
The client provided us with details and plans of the development, setting out the number of housing units, housing types, the tenure details and the location of each unit within the development scheme.
We identified the client’s specific requirements, which included the following valuation advice:
- The Market Value of each unit, as at the date of reporting
- The Market Rent of each unit, as at the date of reporting
- 31st January 1999 Rental Values for Social Rented Units
Although the completed units were to be a mix of rented and shared ownership affordable housing units, our client’s instructions were to provide an assessment of the Market Values and Market Rents to assist the Housing Association in calculating the appropriate discounted sale and rental values to adopt for disposing of the units.
In each case, we were to value each unit on the special assumption that they had been fully and satisfactory completed in accordance with all planning and regulatory requirements.
Once the above bases of valuation were confirmed we agreed our Terms of Engagement and shortly after carried out an inspection of the site and the wider general location.
Although at this stage the site had not been built on, it was important to have a feel for the general area and have regard to the pros and cons of living in this location, to help determine the appropriate values on each basis.
Following the inspection, we carried out research into recent comparable transactions of new development sales and rents to help arrive at an opinion for each unit. We then reported our opinions of value to our client in completion of our instructions.