Over the last eight or nine years something closely akin to a revolution has taken place in the production of standards and guidelines intended both to assist the surveyor in day to day practice and to inject a measure of consistency into the market. Perhaps the most notable contribution has been made by the founding fathers of the Asset Valuation Standards Committee of the Royal Institution of Chartered Surveyors, without whose good offices the valuation profession might well have found itself subject to regulation externally imposed and its role diminished in the eyes of other professional advisors acting on behalf of business clients. One of the cornerstones of the Guidance Notes produced by the AVSC is its definition of open market value, and it is with the general concept of open market value, or rather with one particular aspect of it, that this brief note is concerned.
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