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Considers whether housing has been a successful investment for the home
owner during the period 1984‐1992, in absolute terms and in comparison
with other investment media such as equities and gilts. Discusses the
social and political influences which have encouraged a rise in home
ownership and evaluates the trends in share ownership. Details the
methodologies used in calculating the total returns from housing and the
impact of taxation. Shows that, on an aggregated UK basis, housing has
shown positive overall returns over this holding period and has proved
to be a good hedge against inflation, although under‐performing the
returns from UK equities. On a regional basis, the housing returns from
the northern regions were higher than those from the south of the
country, with the latter also showing a higher volatility of return.
Raises the question of whether housing could be a worthwhile addition to
an institutional property investment portfolio.

This ebook contains chapters focusing on valuation. Norman Hutchinson introduces the ebook with his Guest Editorial 'Why the gross redemption yield on gilts is not a suitable 'risk free' rate (in 2015)'.Denis Camilleri aims to establish whether a terminal value is a substantial amount of the final figure in a hotel's valuation in his chapter 'Hotel valuations earning multipliers - terminal value: Malta's scenario'.Presenting a basic model of commercial real estate valuation in which the Capitalisation Rate is the critical variable, and presenting empirical results for a study of office buildin

Funding Information: Under the Housing (Scotland) Act 2001, local authorities are required to prepare and submit a Local Housing Strategy (LHS) which is supported by an assessment of housing need and demand and subject to consultation and engagement with communities. The government had set a target of 50,000 affordable homes to be built by March 2021. This need is now unlikely to be met as a consequence of COVID-19. Funding for these homes comes from the Affordable Housing Supply Programme. Local authorities use their 3-years Resource Planning Assumption (RPA) from the Scottish Government to prepare Strategic Housing Investment plans (SHIPs) for their areas. These plans are the key documents for identifying strategic housing projects to assist the achievement of the 50,000 homes target. Currently, it does not appear that there is any policy obligation to build a set amount of senior homes per annum. It is up to local authorities to define need based on the demographics of their area. Acknowledgements: The authors express their thanks to the Elderly Accommodation Counsel for their assistance throughout this project and to Caroline Laurenson for her help on technology advancements. Publisher Copyright: © 2020, Emerald Publishing Limited. Copyright: Copyright 2020 Elsevier B.V., All rights reserved. ; Peer reviewed ; Postprint

PurposeThis article aims to understand the housing needs of older people and to ascertain the level of demand and supply of age-related housing in Scotland. It also explores interest in different types of retirement accommodation and tenure options.Design/methodology/approachA review of existing literature is undertaken on senior housing preferences and residential satisfaction. Primary data is collected from an online survey of people over 55 in Scotland to ascertain demand side requirements with secondary data on current supply obtained from the Elderly Accommodation Counsel and data on future pipeline collated from market reports.FindingsThe results from the survey confirm earlier research that seniors when looking for accommodation in their retirement years particularly focus on the local area, access to shops, social relations with neighbours and the design of the home interior. Current analysis of the level of supply at a county level reveals that there is significant undersupply with some particularly striking regional differences. Along with a desire for owner occupation there is interest, particularly among the 75 plus age group, to lease their accommodation, perhaps a consequence of volatile property markets, insufficient pension provision or a desire to pass wealth to their family prior to death. This shortfall in supply highlights development opportunities and raises the possibility of introducing a build-to-rent senior housing offering, which may be of interest to institutional investors.Practical implicationsThe Scottish Government is currently reviewing its strategy for Scotland's older people. The results are of practical benefit as they expose the gaps in supply of age-related stock at county level. This may require the government to introduce policy measures to encourage a mix of housing types suited for the ageing demographics of the population. This research highlights opportunities for developers and investors to fill that gap and explains why advancements in technology should be incorporated in the design process.Originality/valueThis paper brings together supply side data of senior housing in Scotland and provides insights into the housing preferences of seniors. It will be of direct value and interest to developers and institutional investors.

Funding Information: Under the Housing (Scotland) Act 2001, local authorities are required to prepare and submit a Local Housing Strategy (LHS) which is supported by an assessment of housing need and demand and subject to consultation and engagement with communities. The government had set a target of 50,000 affordable homes to be built by March 2021. This need is now unlikely to be met as a consequence of COVID-19. Funding for these homes comes from the Affordable Housing Supply Programme. Local authorities use their 3-years Resource Planning Assumption (RPA) from the Scottish Government to prepare Strategic Housing Investment plans (SHIPs) for their areas. These plans are the key documents for identifying strategic housing projects to assist the achievement of the 50,000 homes target. Currently, it does not appear that there is any policy obligation to build a set amount of senior homes per annum. It is up to local authorities to define need based on the demographics of their area. Acknowledgements: The authors express their thanks to the Elderly Accommodation Counsel for their assistance throughout this project and to Caroline Laurenson for her help on technology advancements. Publisher Copyright: © 2020, Emerald Publishing Limited. Copyright: Copyright 2020 Elsevier B.V., All rights reserved. ; Peer reviewed ; Postprint

The Mallinson Report, published in 1994, emphasised the need for valuers to develop expertise for the purpose of estimating the worth of property investments. Implicit in attempts to estimate worth is the assumption that the property market displays some level of inefficiency and that, in such a market, price and worth may diverge. It is believed that astute investors can exploit such inefficiencies in the market to add value to their portfolios. This paper reviews the main issues relating to the calculation of worth. Specifically it examines market efficiency, individual and market worth, and the use of risk analysis in the calculation. Finally, it recommends a shorter analysis period in view of the uncertainty in the estimation of the variables.

Examines the purpose of compensation for compulsory acquisition
using the distinction drawn by Denyer‐Green between pretium and
compensatio. Reports on the findings of a study by the authors
of compensation settlements for business loss following a city centre
redevelopment. Finds that the majority of the claimants in the study
were dissatisfied with their settlement and all were dissatisfied with
the process leading to the settlement. Concludes that the settlements
tend towards compensatio rather than pretium. Suggests
that a number of changes to the compensation arrangement should be
considered to alleviate hardship for claimants.

PurposeRecent years have witnessed significant increases in the number of undergraduate students entering UK higher education. This increase is a result of the removal of the sector-wide cap on student numbers in England and Wales, along with a growth in overseas students attracted by the reputation of UK universities and the weakening of the value of Sterling. Adopting a corporate real estate perspective, the aim of this paper is to understand how the UK student residence market is structured and financed, and to identify the motivations that are driving the strategies adopted by the universities, private sector providers and investors in this market. In doing so, this research seeks to test the appropriateness of the Gibler and Lindholm (2012) model of corporate real estate strategy in the UK higher education sector.Design/methodology/approachData was gathered from a survey of UK university secretaries, combined with interviews of private sector providers, bank lenders and the analysis of secondary data on investment flows into purpose built residential accommodation (PBSA).FindingsUK university real estate strategy is mainly one of outsourcing student accommodation to reduce costs as well as employing modern purpose-built student housing as a marketing tool and brand enhancer. This strategy is also used as a risk mitigatory tool enabling universities to adjust to changing student demands. Revisions to the Gibler and Lindholm (2012) model are proposed to reflect the reality of the real estate strategy adopted by the universities. Private sector providers view the sector favourably and are set to be the main providers of new supply over the next decade, entering into strong partnerships with the universities. While there is evidence of some oversupply of bed spaces in certain cities, well-located developments are viewed as an attractive lending opportunity. Since 2013 there has been significant growth in institutional investment into UK student accommodation, albeit sentiment is currently tempered by political uncertainty.Practical implicationsThe role of PBSA designed to meet modern student requirements is playing a critical role not only in attracting, recruiting and retaining students but also enhancing the overall higher education experience promoting student welfare and well-being.Originality/valueThe corporate real estate strategy adopted by the UK higher education sector is an under researched area. This paper focuses on the strategy surrounding student accommodation provision and reports on the findings of an extensive survey of the key players in this sector. The results are of value to all stakeholders including government and regulators, at a time when higher education is facing substantial challenges. The evidence of a growing partnership between universities and the private sector is viewed as a logical solution, both for the present and the foreseeable future.