The consensus they reached last week (finalised 04 August) means that reporting material valuation uncertainty may no longer be appropriate for a number of additional property uses in Wales:
- All offices;
- Self Storage facilities;
- All healthcare, excluding day nurseries;
- C3 and C4 residential property and land (including sui generis Houses in Multiple Occupation with more than 6 residents) in England and Wales, excluding only those cases with asset and/or locality-specific market issues that merit a declaration of material valuation uncertainty, at the discretion of the valuer.
This suggests that transactional activity levels are now at a sufficient level to provide valuers with contemporaneous comparable evidence. It is still up to the valuer to make a judgement in respect of each property based upon the specific circumstances.