The first half of 2019 was one of the most active on record for commercial property valuation at independent surveyors Holloway Iliffe & Mitchell, with March being the busiest month in the last five years.
The variety of demand has covered several remits, particularly with a focus on taxation purposes including, probate, capital gains and matrimonial. In addition, there has been an increase in revaluing properties held within pension funds.
One of the core areas that has seen a significant increase in valuation demand is housing in multiple occupancy (“HMO”) with investment in the sector continuing to rise as rental yields outperform other property types. Regulatory changes at the end of 2018 now mean that more houses require an HMO Licence and while there are higher costs associated with the management of such buildings, they are generating a return greater than the standard buy-to-let.
Associate Director Peter Dalby comments:
“There has been an escalating amount of activity across the south coast, particularly for formal valuation requests, whether for single buildings, small portfolios or increasingly HMO landlords.
“We have seen a reduction in the number of commercial valuers operating in the area and as a result we have been appointed to additional lenders’ panels to provide them with the detailed reports they require. Our in depth understanding of the local area and what impacts on valuation is key to our role as one of the region’s leading practices.”