Valuing sustainability: an analysis of Valuation Information Paper 13 and its implementation in South Hampshire's commercial valuation sector

D'Souza, Oliver (2011) Valuing sustainability: an analysis of Valuation Information Paper 13 and its implementation in South Hampshire's commercial valuation sector. BSc dissertation, University of Portsmouth.

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    Abstract

    The implementation and impact of Valuation Information Paper 13 (VIP13) on valuing sustainability in the commercial valuation sector is investigated, specifically within South Hampshire but also in the UK as a whole.

    Face-to-face interviews are used to gauge the attitude of valuers and to assess the level of implementation of VIP13 within the industry. It is found that, although sustainability is becoming an increasingly important issue within the industry, its impact on the commercial valuation sector is marginal and that there is a general lack of knowledge of the issues among valuers, which will set back progress towards the effective expression of sustainability issues unless this is addressed.

    An in-depth study of the literature reveals that there is no universally accepted definition of what constitutes a sustainable building; rather there is an array of benchmarks, metrics and certifications which do not amount to a coherent, simple to understand system. As a result, valuers in South Hampshire are not reflecting the market value of sustainability. This situation could be addressed by a mandatory system, with the RICS in conjunction with the government being the obvious initiators.

    Evidence from the literature to support the apparently obvious notion that sustainable buildings carry a premium over their non-sustainable counterparts is surprisingly sparse. Furthermore, the low demand for sustainable buildings (partly exacerbated by the recession) and consequent shortage of transactional data from the UK further hinders any meaningful conclusions in this area. Overall the impact of VIP13 in South Hampshire’s valuation sector has been minimal. A universally agreed and understood framework, sponsored by the RICS would go a very long way to remedy this situation.

    Item Type: Dissertation
    Departments/Research Groups: Faculty of Technology > School of Civil Engineering and Surveying
    Depositing User: Jane Polwin
    Date Deposited: 17 Nov 2011 16:50
    Last Modified: 28 Jan 2015 11:48
    URI: http://eprints.port.ac.uk/id/eprint/5382

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