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Investigates the extent and possible causes of variance in property investment valuations for commercial lending purposes within the UK. A literature review was undertaken and a questionnaire survey was circulated to individuals involved in the commercial property valuation process in order to gauge professional opinion. The survey revealed that the main cause of variance was found to be a result of the individual valuer’s “behavioural influences”. The survey also found that parties to a valuation instruction widely accept the margin of error principle, the legal manifestation of valuation variance, as a test of negligence.

Aarhus Kommunes Biblioteker (Teknisk Bibliotek), Ingerslevs Plads 7, Aarhus, Denmark. Representative: V. NEDERGAARD PEDERSEN (Librarian).

It has often been said that a great part of the strength of Aslib lies in the fact that it brings together those whose experience has been gained in many widely differing fields but who have a common interest in the means by which information may be collected and disseminated to the greatest advantage. Lists of its members have, therefore, a more than ordinary value since they present, in miniature, a cross‐section of institutions and individuals who share this special interest.

In recent years, studies have established that valuation estimates are likely to be biased estimates of market values due to client influence. These studies, which have made a significant contribution to real estate literature, were based mainly on UK, USA and New Zealand experience. The purpose of this paper is to examine the prevalence of client influence and the impact on valuation in Nigeria.

A questionnaire survey was administered to estate surveyors and valuers to gauge their professional opinion with regard to client influence, sources of such influence and types of threats used by clients. A behavioural experiment, incorporating two non‐valuation factors, was also included for the respondents to role‐play the decision of an estate surveyor and valuer subject to an ethical dilemma.

The survey revealed that nearly 80 per cent of estate surveyors and valuers claimed some knowledge of client influence, mostly from a private individual. The results of the logistic regression model also indicated that the decisions of estate surveyors and valuers as to whether to alter valuation outcome upon clients' request are not affected by either of the two non‐valuation factors (client size and value adjustment).

It is recognised that the findings from the behavioural experiments (role play) utilised in the survey, may or may not be a true reflection of the real world responses of estate surveyors and valuers.

The paper contributes significantly to the empirical literature on behavioural real estate research. In particular, the findings from the study could serve as a framework for improving Estate Surveyors and Valuers Guidance Notes of 1985 to ensure transparency in the valuation process.

The purpose of this study is to solve five key brownfield valuation problems.

This aim is achieved by using doctoral research on integrating the scientific process into the appraisal process. The first objective is demonstrating why four of the problems require solutions prior to solving the first problem, a valuation procedure for formerly used sites. A second objective is to use empirical data from appraisals to reveal why existing methodology is not reliable – because it does not solve the four problems.

The resulting findings are that a developmental model that incorporates the Triad approach to quantifying environmental uncertainty, initially used in the USA, simulates a process used by buyers to establish the price paid for brownfields with contaminated land.

The practical implication that results from this research is that valuers need to emulate the buyer's process when valuing this property type. Prescriptive procedures for valuation requiring the use of scientific methods, as used in the Triad process, need to be set forth to quantify the atypical uncertainties in valuing this property type. The results of this research should be of significant interest to all stakeholders that are involved in brownfield redevelopment, so that they can insure that their needs will be met by improved feasibility analysis.

This research is unique in that it is the first empirical test of the reliability of the valuation of brownfields that need to undergo a time‐consuming and often expensive soil remediation process.