Real estate: what’s on the horizon for 2014 and beyond?

By Sally Newton

Shoosmiths takes a look at the changes that anyone working in real estate can expect to see in 2014.

The Red Book — the Royal Institution of Chartered Surveyors (RICS) has published the latest edition of its mandatory standards manual for valuations, RICS Valuation — Professional Standards January 2014 (the Red Book). The RICS material included in this edition of the Red Book takes effect from 6 January 2014 and applies to all valuations where the valuation date is on, or after, that day. The new edition is the culmination of a comprehensive review of the content, framework and format of the 2012 and earlier editions. It also includes new material relating to business valuation and intangible assets. The definition of market value is now in Valuation Practice Statement 4.1.2.

Community Infrastructure Levy (CIL) changes — draft regulations were published in December and are expected to come into force by the end of January. A number of important changes will be made including a relaxation of the ‘vacancy test’ for discounting existing buildings and changes to the rules in relation to rate setting, the phasing of payments, payments in kind and social-housing relief…

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Overview

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