ABSTRACT
In this chapter … • What is property valuation and why might property need to be valued? • The different types of value that may apply to a property and distinguishing between the
terms value, price, worth, cost and market value. • How the economic forces of supply and demand and the special characteristics of the
property market determine the price and value of property. • Why land use develops in recognisable patterns and how this may affect types of property
within a region and its value. • What constitutes the investment and property markets? • The range of UK taxes that affect property and their basis of assessment. • How town and country planning legislation and decisions affect land allocation and use;
how this influences values and why this can be justified.
