Right to Buy Valuation

sho_me_da_money

Well it may be of interest for you guys to have a read of this. The internet is a wonderful platform to find information. A full study has been done on why RTB valuation discrepancies exist between the Local Authority (LA) and District Valuer (DV) valuations here:

https://link.springer.com/content/pdf/10.1057/palgrave.jba.2940044.pdf

Excerpt:

Table 3: Proportion of valuations changed on appeal

Count Percentage

DV . LA by more than 10% 1,935 35.8%
DV , LA by up to 10% 2,182 40.3%
No difference 1,188 22.0%
DV . LA by up to 10% 55 1.0%
DV . LA by more than 10% 51 0.9%

So a whopping 76.1% of properties are valued higher by the LA (35.8% with a higher than a 10% discrepancy and 40.3% up to 10%)

Great article but it is safe to conclude from this study that the LA gets it more wrong than right. Let's hope they get it right for me.

Reasons why they get it wrong:

- Property Enhancements not taking into consideration
- Initial Surveyor spending 15 mins or less when visiting
- Initial Surveyor not talking to tenant
- Initial Surveyor not doing enough pre-appointment research
- Lots of others