Data Management Level 3 Flashcards
Market Information Reports, North Lincolnshire - what information did you include in the reports?
Schedule of comparable and conclusions regarding prevailing values and rents for a number of property sectors in North Lincolnshire.
Residential - land registry UK house price index showing flat market following a period of growth in 2022, then included information on residential development land sales and gave values assuming policy compliant schemes with no abnormal costs.
Little movement from last years land values. Lack of transactions in 2023.
Agricultural - used Knight Frank industry report and agricultural land sales evidence and discussions with local agents and internal rural valuers, top value of £12,000 per acre to £10,500 for good arable land. For pasture land, £6000 to £8500 per acre.
Industrial - centred on Scunthorpe, at time of writing future of Tata steel works uncertain, not much growth from previous years.
Retail - looked at rental evidence, tends to do better than the rest of humberside in terms of rents and vacancies, although rents had fallen slightly by 0.3% over the past year. Market pricing at £168ft2
Market Information Reports, North Lincolnshire - what sources of data did you use?
Costar, EIG, local agents, internal rural valuer for agricultural land, internal sales transactions and rental evidence held.
Market Information Reports, North Lincolnshire - what did you include within your narrative?
Included national perspective before looking at regional perspective, considered extent and quality of evidence, advised of sources for my data, compared to previous values reported.
Included graphs and map images to highlight my points.
Market Information Reports, North Lincolnshire - How did the reports help you provide advice to your client?
By compiling and considering the information, I was able to set out the current property trends and values in North Lincolnshire.
Market Information Reports, North Lincolnshire - what did your clients do with that advice?
Used it to inform the management of their assets
Land Values - where did you source historic data from?
From the internal database of transactions and rightmove. Considered asking prices on new developments as a sense check.
Land Values - how was that data analysed?
Divided transaction price by size.
Land Values - How did you store your residual valuation spreadsheet?
Password protected, saved in a folder shared with supervisor
Land Values - How did that exercise help inform your client?
There is a need for more housing and other helped DLUHC to understand the financial costs behind that.
Forms of Return - what is a Form of Return?
Forms of Return are issued to the occupier and is essentially a request for rental, lease or ownership details of a property and is issued by the VOA
Forms of Return - what is an FOR viewing?
Inviting the agent into the office to view FORS
How did you validate comparables for North Lincolnshire Market Information Report and Land Values?
For North Lincolnshire Mrket Information Report, by speaking to local agents. For Land Values, by using Google Maps and EPC data to get a better sense of location and size.
Land Values - What information was included on the residual spreadsheet
Comparable sheet, residual valuation, cashflow, sdlt calculation.
Residual inc - GDV of market housing, stamp duty, agents and legal fees, construction costs, externals, contingency, abnormal, professional fees, section 106 costs, marketing fees, sales and letting fees, interest, profit.
Cashflow showed calculations for 35 units total, approx 3 units sold a month. Stamp tax calculation as not all the units would meet the stamp tax threshold of £150,000.
FOR - How has GDPR affected the VOA and forms of Return?
The VOA is responsible for holding the data, in order to keep it safe we don’t allow copies to be made.
