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2.1 Categories

The attached spreadsheet (appendix 1) containing the data is self-explanatory, but in summary there are 6 categories of land including:

• Residential

• Industrial

• Amenity

• Car Parking

• Agricultural

• Commercial (i.e. offices), split into edge of town/city and out of town/city business park localities.

2.2 Regions

The categories of land are broken down regionally and in some cases (eg industrial) to Billing Authority (BA) level, see spreadsheet for more details. There are 6 distinct regions in London identified, with North and South separated by the River Thames. Tab 1 on the spreadsheet provides a look-up table for determining which BA falls into which region.

Residential values for a particular BA are based on a typically average town or city within that BA, see tab 2 for details.

Regional industrial values represent a valuation for each region, as opposed to a straight average of all the BA values.

High value airport locations have been singularly identified and valued, see tab 3 for more details.

Tab 4 provides details of extremes of values in some of the commercial category localities.

2.3 Assumed Size of Take and Density

Each value is based on a one hectare take of average density, in an average location within the relevant BA/region, with no abnormal development costs:

• For those BAs and regions outside London, the hypothetical scheme is for a development of 35 two storey dwellings with a total floor area of 3,150 square metres.

• For BAs and regions within London, the hypothetical scheme is for a multi storey development of 269 flats with a net sales area of 19,722 square metres.

This is largely considered sufficient for rating purposes, but valuer judgement may need to be exercised for exceptional densitys or quantum of land take as compared to the above.

2.4 Residential value factors

The figures shown on the spreadsheet assume that planning consent is in place and that the consent fully complies with affordable housing requirements. Note that the percentage of affordable housing required (and the tenure mix) impacts on the concluded land value. This can result in BA districts with similar base values having significantly different land values where one has a higher affordable housing requirement. It can also create apparent anomalies, for example where apparently more valuable BAs have lower land values due to their specific, possibly more onerous, planning policies in this respect.

Rating is concerned with market value which means it is appropriate to reflect any factors that affect this; affordable housing planning policies being one such factor. In this respect the residential values shown on the spreadsheet represent a departure from the DCLG published data which assumes non-compliance with affordable housing policies.

2.5 Using the data

Valuations on a price/ha basis may be taken straight from the spreadsheet.

For all other contractors basis valuations based on a percentage of adjusted replacement cost, the level of percentage adopted will have been calculated by the VOAs National Specialist Unit, informed by the data on the spreadsheet. Please consult the relevant Practice Note for the class in question for confirmation of which percentage to apply.

It is emphasised that these values are indicative and should not detract from valuer judgement in specific instances, for example quantum. The same applies to the land value categories applicable to the various property classes, these columns on the spreadsheet are also meant to be indicative, not prescriptive.

Appendix 2 contains further data, for internal use only: Appendix 2 further CB Land Value Data.

1. Background

The land values to be used for the purposes of contractors basis valuations have been assessed by the VOAs Property Services team.

2. Categories, regions and other detail

2.1. Categories

The attached spreadsheet (appendix 1) containing the data is self-explanatory, but in summary there are 5 main categories of land including:

• Residential Suburbs
• Residential Central Fringe
• Industrial
• Amenity
• Agricultural

2.2 Regions

The categories of land are broken down regionally and in some cases (for example industrial) toBilling Authority(BA) level, see spreadsheet for more details. There are 6 distinct regions in London identified, with North and South separated by the River Thames. Tab 2 on the spreadsheet provides a look-up table for determining which BA falls into which region.

Residential values for some beacon towns and cities within a region (see tab 3 for details) have been considered and an indicative value for each region determined.

Regional industrial values represent an indicative value for each region.

High value airport locations have been singularly identified and valued at the bottom of the spreadsheet, see tab 4 for more details.

2.3 Assumed size of take and density

Each value is based on a one hectare take of average density, in an average location within the relevant BA/region, with no abnormal development costs.

2.4 Residential Suburbs value

The figures shown on the spreadsheet outside of London assume the construction of semi-detached houses in the suburbs, and that planning consent is in place which fully complies with affordable housing requirements. Note that the percentage of affordable housing required (and the tenure mix) impacts on the concluded land value. This can result in towns/cities with similar base values having significantly different land values where one has a higher affordable housing requirement. It can also create apparent anomalies, for example where apparently more valuable locations have lower land values due to their specific, possibly more onerous planning policies at the antecedent valuation date.

For the London areas residual valuations based on a higher density of development appropriate for each location have been completed.

Rating is concerned with market value which means it is appropriate to reflect any factors that affect this; affordable housing planning policies being one such factor.

The regional indicative values less 20% (R less 20% column) should be used where the prevailing land use is residential.

The 20% discount is applied following the leading case of Dawkins (VO) v Royal Leamington Spa BC and Warwickshire CC [1961] RVR 291 (see Rating Manual Part 3: The Contractors basis of valuation).

2.5 Residential Central Fringe area values

In most central and fringe areas residential and commercial land use are in competition. Residual residential valuations reflecting the higher density of dwelling units in more central areas have been completed for beacon towns and cities in each region. These values reflect the likely density of development and reflect any factors that affect this such as affordable housing provision. These beacons will provide a guide and interpolation will be necessary using valuer judgement.

2.6 Industri