Property valuation in UK: climate change targets and the value of UK investment properties – a change in sea level[1]

2020 ◽  
Vol 38 (5) ◽  
pp. 471-482
Author(s):  
Nick French
Keyword(s):  
Energy Efficiency ◽  
Minimum Energy ◽  
Content Type ◽  
Negative Capital ◽  
Potential Impact ◽  
The Uk ◽  
Value Changes ◽  
Energy Efficiency Standards ◽  
Practical Implications ◽  
Rental Value

PurposeThe UK government, in late 2019, announced new proposed targets for the energy efficiency legislation in the UK, MEES – Minimum Energy Efficiency Standards. The current suggestion is that all let properties, commercial or residential, need to be B rated by 2030. If this is implemented, it will have a significant impact upon the UK market property investment market.Design/methodology/approachThis practice briefing is an overview of the 2018 legislation and comments on how market awareness has changed since its introduction and the potential impact upon prices of affected properties moving forwardFindingsThis paper discusses how capital and rental values are beginning to be discounted in the market to allow for current and future liabilities under the MEES legislation. This has a significant impact on strategies for property investment.Practical implicationsThis paper analyses the likelihood of (negative) capital and rental value changes under the proposed stricter energy efficiency guidelines.Originality/valueThis provides guidance on how valuations can be undertaken to reflect any impact of the likely changes to UK energy efficiency legislation.

The impact of Minimum Energy Efficiency Standards on the UK investment market: one year on

2019 ◽  
Vol 37 (4) ◽  
pp. 416-423 ◽  
Author(s):  
Nick French
Keyword(s):  
Energy Efficiency ◽  
Minimum Energy ◽  
Investment Strategies ◽  
Content Type ◽  
Potential Impact ◽  
One Year ◽  
The Uk ◽  
Energy Efficiency Standards ◽  
The Impact

Purpose The purpose of this paper is to provide an update on how the 2018 energy efficiency legislation in the UK, Minimum Energy Efficiency Standards (MEES), is impacting upon the UK market with a particular emphasis on the investment market. Design/methodology/approach This practice briefing is an overview of the 2018 legislation and comments on how market awareness has changed since its introduction and the potential impact upon prices of affected properties moving forward. Findings This paper discusses how capital and rental values are beginning to be discounted in the market to allow for current and future liabilities under the MEES legislation. This has a significant impact on strategies for property investment. Practical implications The role of the property professional is to ensure that clients are fully conversant with their statutory obligations and to advise on appropriate investment strategies to optimise their property portfolios. Originality/value This paper provides insights on the requirements of MEES legislation to aid the property professional.

Property valuation in the UK: energy efficiency legislation and its impact on valuation

2018 ◽  
Vol 36 (4) ◽  
pp. 383-390 ◽  
Author(s):  
Nick French ◽  
Jason Antill
Keyword(s):  
Energy Efficiency ◽  
Content Type ◽  
New Energy ◽  
Valuation Task ◽  
The Subject ◽  
The Uk ◽  
Value Changes ◽  
The Impact ◽  
Rental Value

Purpose The purpose of this paper is to provide an insight into how the new energy efficiency legislation in the UK is impacting upon the valuation of certain properties. This paper looks at how to adapt implicit valuation models to reflect the new risks of the impact of legislation. Design/methodology/approach This practice briefing is an overview of the new legislation and comments on the appropriateness of valuation models in different scenarios. Findings This paper analyses the likelihood of capital and rental value changes under the new energy efficiency guidelines. Practical implications The role of the valuer in practice is to identify the impact of the new legislation on the value of the subject property and choose the correct model for the valuation task in hand. Originality/value This provides guidance on how valuations can be undertaken to reflect any impact of the new energy efficiency legislation.

Property valuation in the UK: material uncertainty and COVID-19

2020 ◽  
Vol 38 (5) ◽  
pp. 463-470
Author(s):  
Nick French
Keyword(s):  
Design Methodology ◽  
Property Values ◽  
Market Value ◽  
Content Type ◽  
Property Valuation ◽  
The World ◽  
The Uk ◽  
Value Changes ◽  
Practical Implications ◽  
Rental Value

PurposeAn understanding of uncertainty has always been an integral part of property valuations. No valuation is certain, and the valuer needs to convey to the user of the valuation in the degree of uncertainty pertaining to the market value.Design/methodology/approachThis practice briefing is a short overview of the importance of understanding uncertainty in valuation in normal markets and the particular difficulties now with the material uncertainty created by the COVID-19 pandemic.FindingsThis paper discusses how important it is for the valuer and the client to communicate and understand the uncertainty in the market at any point of time. The COVID-19 has had a significant impact on property values and the importance of clarity within valuation reports.Practical implicationsThis paper looks at the importance of placing capital and rental value changes due to material uncertainty in valuation reports.Originality/valueThis provides guidance on how professional bodies are advising their members, around the world, on how to report valuations and market value in the context of material uncertainty.

Energy performance certificates in the context of sustainability and the impact on valuations

2015 ◽  
Vol 33 (5) ◽  
pp. 446-455 ◽  
Author(s):  
Martin Turley ◽  
Sarah Sayce
Keyword(s):  
Design Methodology ◽  
Minimum Energy ◽  
Energy Performance ◽  
Content Type ◽  
Energy Performance Of Buildings ◽  
The Government ◽  
The Uk ◽  
Relationship Of ◽  
The Impact ◽  
Practical Implications

Purpose – The Government of UK is committed to reducing Green House Gas emissions by 80 per cent based on the 1990 levels, by 2050. In order to achieve this reduction, the UK Government, along with their European counterparts, have implemented various directives and incentives, which progressively and incrementally are intended to move them towards this target. One such directive is the European Energy Performance of Buildings Directive, which sets the policy for achievement. The paper aims to discuss these issues. Design/methodology/approach – This paper seeks to examine the complexities of these changes when considered against the real world use and operation of buildings, most particularly at lease end. It explores the inter-relationship of landlord and tenant at lease expiry and renewal. Findings – It argues that the Energy Act regulations might have significant impact on the actions of landlords and tenants; both in advance of and shortly after the lease is determined. Practical implications – One of the key mechanisms contained within this directive for the reduction in emissions is the Energy Performance Certificate (EPC). An EPC must be produced where a building is being constructed, rented or sold. EPCs rate buildings on their asset energy performance and in conjunction with building regulations are becoming increasingly more stringent to achieve targets. Regulations under the Energy Act 2011, due to take effect from April 2018, will mean that it will be unlawful to let or re-let a building which fails to reach minimum energy performances standards, currently defined as an E rating; further it is intended that the regulations will extend to all lettings from 2023. Originality/value – This paper looks at the inter-relationship of landlord and tenant at lease expiry and renewal with the proposed directives on EPCs.

Minimum energy efficiency – is the energy performance certificate a suitable foundation?

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Samantha Organ
Keyword(s):  
Climate Change ◽  
Energy Efficiency ◽  
Housing Stock ◽  
Minimum Energy ◽  
Energy Performance ◽  
Rental Sector ◽  
Current Form ◽  
Content Type ◽  
Energy Efficiency Standard ◽  
The Uk

PurposeClimate change is one of the most significant challenges of our time. The existing housing stock is a crucial component in achieving international and national climate change targets through energy efficiency improvements. The private rental sector incorporates some of the worst performing housing. To address this, the UK has implemented the minimum energy efficiency standard, based on the energy performance certificate rating. However, the energy performance certificate has a number of criticisms in the UK and across the EU. This viewpoints paper discusses the primary criticisms of the EPC and whether these undermine the minimum energy efficiency standard.Design/methodology/approachThis viewpoint paper draws on the recent work across academic, government and professional literature to develop a critique of the energy performance certificate and its underlying methodology as a basis on which to form the minimum energy efficiency standard.FindingsThe paper concludes that based on the current form of the energy performance certificate in the UK, the minimum energy efficiency standard is likely to unfairly advantage some landlords and penalise others. This has implications for landlords, tenants and the wider housing stock.Originality/valueThis paper presents a discussion of the new minimum energy efficiency standard based on the limitations of the energy performance certificate. It has implications for policymakers, researchers and practitioners in the private rental sector.

Net zero carbon: Energy performance targets for offices

2021 ◽  
Vol 42 (3) ◽  
pp. 349-369
Author(s):  
Robert Cohen ◽  
Karl Desai ◽  
Jennifer Elias ◽  
Richard Twinn
Keyword(s):  
Energy Efficiency ◽  
Minimum Energy ◽  
Energy Performance ◽  
Consultation Process ◽  
Net Zero ◽  
Extensive Consultation ◽  
Operational Energy ◽  
Legislative Framework ◽  
Zero Carbon ◽  
The Uk

The UKGBC Net Zero Carbon Buildings Framework was published in April 2019 following an industry task group and extensive consultation process. The framework acts as guidance for achieving net zero carbon for operational energy and construction emissions, with a whole life carbon approach to be developed in the future. In consultation with industry, further detail and stricter requirements are being developed over time. In October 2019, proposals were set out for industry consultation on minimum energy efficiency targets for new and existing commercial office buildings seeking to achieve net zero carbon status for operational energy today, based on the performance levels that all buildings will be required to achieve by 2050. This was complemented by modelling work undertaken by the LETI network looking into net zero carbon requirements for new buildings. In January 2020 UKGBC published its guidance on the levels of energy performance that offices should target to achieve net zero and a trajectory for getting there by 2035. This paper describes the methodology behind and industry perspectives on UKGBC’s proposals which aim to predict the reduction in building energy intensity required if the UK’s economy is to be fully-powered by zero carbon energy in 2050. Practical application: Many developers and investors seeking to procure new commercial offices or undertake major refurbishments of existing offices are engaging with the ‘net zero carbon’ agenda, now intrinsic to the legislative framework for economic activity in the UK. A UKGBC initiative effectively filled a vacuum by defining a set of requirements including energy efficiency thresholds for commercial offices in the UK to be considered ‘net zero carbon’. This paper provides all stakeholders with a detailed justification for the level of these thresholds and what might be done to achieve them. A worked example details one possible solution for a new office.

When is positive action not positive action? Exploring the conceptual meaning and implications of the tie-break criterion in the UK Equality Act 2010

2014 ◽  
Vol 33 (1) ◽  
pp. 97-113 ◽  
Author(s):  
Nick Johns ◽  
Sara MacBride-Stewart ◽  
Martin Powell ◽  
Alison Green
Keyword(s):  
Empirical Support ◽  
Equality Of Opportunity ◽  
Equal Opportunities ◽  
Content Type ◽  
Positive Action ◽  
Legal Innovation ◽  
Positive Discrimination ◽  
The Uk ◽  
Conceptual Meaning ◽  
Practical Implications

Purpose – The purpose of this paper is to explore the claim that the tie-break criterion introduced under the Equality Act 2010 is not really positive action as is claimed by its government sponsors. It evaluates this claim by locating the tie-break into equal opportunities theory, taking into account merit considerations, and reviews its potential implications. Design/methodology/approach – A conceptual discussion of the tie-break. Findings – The paper concludes that the tie-break is not positive action, nor is it positive discrimination. It employs the framework established by Forbes (1991) and attempts to locate it in theoretical discussions of the need to refine merit to take identity characteristics into account. While it could serve to make a more sophisticated approach to merit possible it fails to achieve its implicit potential in this regard. Research limitations/implications – The paper is conceptual and will benefit from empirical support in the future. Practical implications – Practically, the tie-break promises to add some greater clarity to the muddled understanding of equal opportunities and diversity that underpins much policy and legislation. As a result it will arguably prove hard to implement and will carry other associated problems. Social implications – Socially, the tie-break, mis-represented as it currently is, promises to create greater uncertainty around the nature and purposes of equality of opportunity. Consequently, it could exacerbate tensions and hostilities and promote significant resistance to “equality” measures. Originality/value – This paper is an original conceptual piece that will shine a light on an important legal innovation. The tie-break is not what it is described to be and carries both potential and threat for advocates of equality of opportunity. In pursuing socially significant outcomes of this type, conceptual accuracy and transparency are vital, and this paper contributes to this endeavour.

Delivering a shared library management system for Wales

2016 ◽  
Vol 37 (6/7) ◽  
pp. 385-395 ◽  
Author(s):  
Gareth Wyn Owen
Keyword(s):  
Management System ◽  
Review Of Literature ◽  
Content Type ◽  
Implementation Phase ◽  
Library Management ◽  
First Case ◽  
Library Management System ◽  
The Uk ◽  
Practical Implications

Purpose A case study of the Wales Higher Education Libraries Forum (WHELF) project to procure and implement a shared library management system (LMS) for all universities in Wales, together with the National Health Service Libraries in Wales and the National Library of Wales. In particular, the purpose of this paper is to explore the drivers to this collaboration, outline the benefits achieved and the framework to realise further benefits. Design/methodology/approach Case study review of the process, together with a review of literature on consortia and LMSs. Findings WHELF has developed into a more mature consortium through procuring and implementing a shared LMS. The process has delivered tangible benefits and is driving more work to realise further benefits. Research limitations/implications As the WHELF Shared LMS project is only nearing the end of the implementation phase, many of the anticipated operational benefits cannot be reported. Practical implications Useful case study for other consortia or potential consortia. Originality/value WHELF is in vanguard of consortia developments in the UK, and this is the first case study of the project.

scholarly journals Implications of divergences in adult protection legislation

2016 ◽  
Vol 18 (3) ◽  
pp. 149-160 ◽  
Author(s):  
Lorna Montgomery ◽  
Janet Anand ◽  
Kathryn Mackay ◽  
Brian Taylor ◽  
Katherine C. Pearson ◽  
...  
Keyword(s):  
Design Methodology ◽  
Elder Abuse ◽  
Consensus Model ◽  
Content Type ◽  
Legal Responses ◽  
The Usa ◽  
Protection Legislation ◽  
The Uk ◽  
Practical Implications ◽  
Adult Protection

Purpose – The purpose of this paper is to explore the similarities and differences of legal responses to older adults who may be at risk of harm or abuse in the UK, Ireland, Australia and the USA. Design/methodology/approach – The authors draw upon a review of elder abuse and adult protection undertaken on behalf of the commissioner for older people in Northern Ireland. This paper focusses on the desk top mapping of the different legal approaches and draws upon wider literature to frame the discussion of the relative strengths and weaknesses of the different legal responses. Findings – Arguments exist both for and against each legal approach. Differences in defining the scope and powers of adult protection legislation in the UK and internationally are highlighted. Research limitations/implications – This review was undertaken in late 2013; while the authors have updated the mapping to take account of subsequent changes, some statutory guidance is not yet available. While the expertise of a group of experienced professionals in the field of adult safeguarding was utilized, it was not feasible to employ a formal survey or consensus model. Practical implications – Some countries have already introduced APL and others are considering doing so. The potential advantages and challenges of introducing APL are highlighted. Social implications – The introduction of legislation may give professionals increased powers to prevent and reduce abuse of adults, but this would also change the dynamic of relationships within families and between families and professionals. Originality/value – This paper provides an accessible discussion of APL across the UK and internationally which to date has been lacking from the literature.

Do we need medical leadership or medical engagement?

2015 ◽  
Vol 28 (3) ◽  
pp. 173-184 ◽  
Author(s):  
Peter Spurgeon ◽  
Paul Long ◽  
John Clark ◽  
Frank Daly
Keyword(s):  
Care Quality ◽  
Current Evidence ◽  
Organisational Performance ◽  
Content Type ◽  
Care Quality Commission ◽  
The Uk ◽  
Medical Leadership ◽  
First Time ◽  
Practical Implications ◽  
A Current

Purpose – The purpose of this paper is to address issues of medical leadership within health systems and to clarify the associated conceptual issues, for example, leadership versus management and medical versus clinical leadership. However, its principle contribution is to raise the issue of the purpose or outcome of medical leadership, and, in this respect, it argues that it is to promote medical engagement. Design/methodology/approach – The approach is to provide evidence, both from the literature and empirically, to suggest that enhanced medical engagement leads to improved organisational performance and, in doing so, to review the associated concepts. Findings – Building on current evidence from the UK and Australia, the authors strengthen previous findings that effective medical leadership underpins the effective organisational performance. Research limitations/implications – There is a current imbalance between the size of the databases on medical engagement between the UK (very large) and Australia (small but developing). Practical implications – The authors aim to equip medical leaders with the appropriate skill set to promote and enhance greater medical engagement. The focus of leaders in organisations should be in creating a culture that fosters and supports medical engagement. Social implications – This paper provides empowerment of medical professionals to have greater influence in the running of the organisation in which they deliver care. Originality/value – The paper contains, for the first time, linked performance data from the Care Quality Commission in the UK and from Australia with the new set of medical engagement findings.

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