Asset Valuations/Housing Resource Accounting
Local Town Hall
The Challenge
All Local Authorities are required to undertake annual accounts which include all of their property portfolio.
The value of this portfolio will form a key part of these accounts, and therefore all the properties must have an asset valuation to comply with the current legislation.
Many authorities undertake a five year rolling programme, and undertake asset valuations on 20% of these properties on an annual basis.
Local Authorities also tend to have a wide spread of property and land across their portfolio, and therefore valuing these to the correct method is important.
Local Authorities with their own housing portfolio also have to undertake an annual valuation of this stock. This tends to be undertaken on a 5 year programme, year one being a full inspection and the following 4 years being a desktop valuation.
Solution
Align work with the authority to ensure that their property list is categorised correctly to meet with audit requirements.
Due to the various nature of the subject properties, we will need to identify the valuation method, such as market value, depreciated replacement cost etc. Once the method of valuation has been confirmed, then we can begin to undertake full inspections. These inspections include the use of detailed plans (sourced from the client as necessary) and considerations such as condition, tenancy etc. These can be noted and used for the production of the valuation.
This is a specialist valuation, even amongst housing resource accounting, and Align have experience in undertaking this work. For the full inspection, appointments are made for the sample Beacon properties, carried out and valuations reported on. During the desktop element, valuations are produced for the Beacon sample properties with comparables provided.
Local Leisure Centre
Benefits
Many Local Authorities undertake this work in-house, but due to the RICS regulations relating to valuer rotation, we are well located to offer this service for many of our existing and new clients.
We have over 8 years’ experience in undertaking both asset valuations and housing resource valuations. We’re able to work alongside the Authority to deliver these valuations within timescales dictated via the accounting regulations.
