Real Estate Concepts provides built environment students with an easy to use guide to the essential concepts they need to understand in order to succeed in their university courses and future professional careers. Key concepts are arranged, defined and explained by experts in the field to provide the student with a quick and reliable reference throughout their university studies.

Table of Contents

• List of figures
• List of tables
• List of contributors
• Preface
• List of abbreviations
• 1 Agency - ANDY DUNHILL, JANE STONEHOUSE and RACHEL WILLIAMS
• 1.1 The inspection
• 1.2 Reporting to the client
• 1.3 Terms of engagement
• 1.4 Types of agency — the basis of instruction for disposal
• 1.5 The marketing plan
• 1.6 The marketing brochure
• 1.7 Information technology in marketing
• 1.8 Energy performance certificates
• 1.9 Methods of disposal — private treaty
• 1.10 Methods of disposal — tender
• 1.11 Methods of disposal — auction
• 1.12 Marketing a property — freehold sale
• 1.13 Marketing a property by way of an assignment
• 1.14 Marketing a property by assignment of a long ground lease
• 1.15 Marketing a property to let on a new lease
• 1.16 Marketing a property by way of a sublease
• 1.17 The marketing process
• 1.18 Negotiating
• 1.19 Occupation costs
• 1.20 Heads of terms
• 1.21 Money laundering
• 1.22 Safety and security in agency
• 2 Building surveying - STUART EVE, MINNIE FRASER and CARA HATCHER
• 2.1 Building surveying in an estate management context
• 2.2 Building pathology
• 2.3 Building surveys
• 2.4 Dampness in buildings
• 2.5 Timber defects
• 2.6 Movement in buildings
• 2.7 Concrete defects
• 2.8 Structural frames and floors
• 2.9 Roofs and cladding
• 2.10 Asbestos in buildings
• 3 Commercial property - ANDY DUNHILL, DOM FEARON, JOHN HOLMES and BECKY THOMSON
• 3.1 Commercial property
• 3.2 Private investors
• 3.3 Private finance initiatives
• 3.4 Office market
• 3.5 Industrial market
• 3.6 Retail market
• 3.7 Leisure market
• 3.8 The health care market
• 3.9 Student accommodation
• 3.10 Building information modelling and commercial property
• 4 Construction - GRAHAM CAPPER, BARRY GLEDSON, and RICHARD HUMPHREY, ERIC JOHANSEN, ERNIE JOWSEY, MARK KIRK, CARA HATCHER and JOHN WEIRS
• 4.1 Building Cost Information Service
• 4.2 Building control in England and Wales
• 4.3 Construction firms
• 4.4 Competitive tendering
• 4.5 Design and build
• 4.6 Modern methods of construction (off-site manufacture)
• 4.7 Managing construction
• 4.8 Planning and organising construction
• 4.9 Managing building services
• 4.10 Sick building syndrome
• 4.11 Sustainable construction
• 4.12 Fraud in construction
• 5 Development - HANNAH FURNESS, ERNIE JOWSEY and SIMON ROBSON
• 5.1 Developers
• 5.2 Development
• 5.3 Development costs
• 5.4 Development finance and funding
• 5.5 Site assembly and acquisition
• 5.6 Evaluation and appraisal methods
• 5.7 Intensity of site use
• 5.8 Public sector development
• 5.9 Redevelopment
• 5.10 Refurbishment
• 5.11 Residual value
• 5.12 Local asset-backed vehicles
• 6 Economics - ERNIE JOWSEY
• 6.1 Allocation of resources
• 6.2 Supply and demand
• 6.3 Pareto optimality
• 6.4 Economic efficiency
• 6.5 Market, command and mixed economies
• 6.6 Externalities
• 6.7 Market failure
• 6.8 Cost—benefit analysis
• 6.9 Perfect competition
• 6.10 Imperfect competition
• 6.11 Oligopoly
• 6.12 Monopoly
• 6.13 Economies of scale
• 6.14 Mobility of labour
• 6.15 Property rights
• 6.16 Economic rent
• 6.17 Gross domestic product
• 6.18 Economic growth
• 6.19 The multiplier
• 6.20 Fiscal policy
• 6.21 Property cycles
• 6.22 Globalisation
• 6.23 The credit crunch
• 6.24 Currencies and exchange rates
• 7 Finance - ERNIE JOWSEY and HANNAH FURNESS
• 7.1 Banks
• 7.2 Bridging loan
• 7.3 Company accounts
• 7.4 Debentures
• 7.5 Depreciation
• 7.6 Financial gearing
• 7.7 Liquidity
• 7.8 Freehold ground rent
• 7.9 Reverse yield gap
• 7.10 Sale and leaseback
• 7.11 Mortgages
• 7.12 Sources of finance
• 8 Investment - ERNIE JOWSEY and HANNAH FURNESS
• 8.1 Investors
• 8.2 The property investment market
• 8.3 Commercial property investment
• 8.4 Portfolio strategy
• 8.5 Modern portfolio theory
• 8.6 Capital asset pricing model
• 8.7 Risk and return
• 8.8 Real estate investment trusts
• 8.9 Property unit trusts
• 8.10 Active fund management
• 8.11 Residential property investment and buy-to-let
• 8.12 Mortgage-backed securities
• 8.13 Land banking
• 8.14 Property indices
• 8.15 Discounting and discount rates
• 8.16 International property investment
• 8.17 Transparency index
• 8.18 Corporate real estate asset management
• 9 Land management - DOM FEARON and ERNIE JOWSEY
• 9.1 Archaeological sites
• 9.2 Coastal and marine heritage
• 9.3 Farm buildings
• 9.4 Fishing and fishing rights
• 9.5 Trees and forestry
• 9.6 Historic parkland
• 9.7 Protected landscapes
• 9.8 Religious buildings
• 9.9 Waste disposal sites
• 9.10 UK National Parks
• 10 Law - RACHEL WILLIAMS and SIMON ROBSON
• 10.1 Contracts
• 10.2 Legal definition of land
• 10.3 Fixtures and chattels
• 10.4 Ownership of land
• 10.5 Trusts and co-ownership of land
• 10.6 The lease/licence distinction
• 10.7 Land registration
• 10.8 Freehold covenants
• 10.9 Easements and profits à prendre
• 10.10 Easements — rights to light
• 10.11 Manorial land and chancel repair liability
• 10.12 Wayleaves
• 10.13 Common land and town and village greens
• 10.14 Highways
• 10.15 Option agreements
• 10.16 Conditional contracts
• 10.17 Promotion agreements
• 10.18 Overage/clawback
• 10.19 Pre-emption rights
• 10.20 False statements and misleading omissions
• 11 Planning - ANDY DUNHILL, HANNAH FURNESS, PAUL GREENHALGH, CAROL LUDWIG, DAVID MCGUINNESS and RACHEL WILLIAMS
• 11.1 Legislation and planning policy
• 11.2 Strategic planning
• 11.3 Green belt
• 11.4 Planning decision making
• 11.5 Listed buildings and conservation areas
• 11.6 Neighbourhood planning
• 11.7 Transport and infrastructure planning
• 11.8 Minerals planning
• 11.9 Settlement hierarchy
• 11.10 Planning obligations
• 11.11 Community infrastructure levy
• 11.12 Planning appeals
• 12 Property asset management - CHERYL WILLIAMSON, DOM FEARON and KENNETH KELLY
• 12.1 Property asset management
• 12.2 Leases in commercial property
• 12.3 Breach of covenant
• 12.4 Commercial service charges
• 12.5 Rent
• 12.6 Rent reviews
• 12.7 Proactive management to recover rent
• 12.8 Landlord and Tenant Act 1954 part 2
• 12.9 Squatters and adverse possession
• 12.10 Alienation
• 12.11 Exit strategies
• 12.12 Health and safety
• 12.13 Dilapidations
• 12.14 Insolvency
• 12.15 Facilities management
• 13 Quantity surveying - GLENN STEEL
• 13.1 Measurement and quantification
• 13.2 New Rules of Measurement
• 13.3 Cost planning and cost control
• 13.4 Life cycle costing
• 13.5 Construction law
• 13.6 Alternative methods of dispute resolution
• 13.7 Standard forms of contract
• 13.8 Bespoke contracts
• 13.9 Contractual claims
• 13.10 Project management
• 13.11 Partnering
• 13.12 Procurement methods
• 13.13 Contract administration
• 13.14 Cost value reconciliation
• 13.15 Cash flow
• 13.16 Benchmarking
• 13.17 Value management
• 13.18 Risk management
• 13.19 5D building information modelling
• 13.20 Expert witnesses
• 14 Regeneration - JULIE CLARKE, HANNAH FURNESS, PAUL GREENHALGH, RACHEL KIRK and DAVID MCGUINNESS
• 14.1 Defining urban regeneration
• 14.2 Development corporations and regeneration agencies
• 14.3 Neoliberal urban policy
• 14.4 Compact cities and urban sprawl
• 14.5 Shrinking cities
• 14.6 The urban renaissance
• 14.7 Enterprise Zones
• 14.8 Partnership working
• 14.9 Funding and finance for regeneration
• 14.10 Brownfield land
• 14.11 Contaminated land
• 14.12 Gap funding
• 14.13 Community engagement
• 14.14 Gentrification and abandonment
• 14.15 Social enterprise
• 14.16 Area-based initiatives
• 14.17 Tax increment financing
• 15 Residential property - JULIE CLARKE, RACHEL KIRK and CARA HATCHER
• 15.1 The private rented sector
• 15.2 The social housing sector
• 15.3 Owner occupation
• 15.4 Housing tenure — other forms of ownership
• 15.5 Affordability in housing
• 15.6 Homelessness
• 15.7 Housing management — allocating property (social housing)
• 15.8 Housing management — rent collection and recovery (social housing)
• 15.9 Housing management — repairing property (social housing)
• 15.10 Housing management — managing tenancies (social housing)
• 15.11 Housing management — allocating property (private rented sector)
• 15.12 Housing management — rent collection and recovery (private rented sector)
• 15.13 Housing management — repairing property (private rented sector)
• 15.14 Housing management — managing tenancies (private rented sector)
• 15.15 Housing support — independent living
• 15.16 Housing support — specialist supported housing
• 15.17 Housing an older population
• 16 Sustainability - GRAHAM CAPPER, JOHN HOLMES, ERNIE JOWSEY, SARA LILLEY, DAVID MCGUINNESS and SIMON ROBSON
• 16.1 Sustainable development
• 16.2 Biomass
• 16.3 Building Research Establishment Environmental Assessment Method
• 16.4 Code for Sustainable Homes
• 16.5 Combined heat and power
• 16.6 Electric vehicles and electric vehicle infrastructure
• 16.7 Energy policy and the built environment
• 16.8 Environmental impact assessment
• 16.9 Ground/air source heat pumps
• 16.10 Life cycle assessment of buildings
• 16.11 Retrofit
• 16.12 Sustainability appraisal
• 16.13 Sustainable urban drainage systems
• 16.14 Solar power photovoltaics
• 16.15 Solar water heating
• 16.16 Wind turbines
• 17 Taxation - ERNIE JOWSEY and RACHEL WILLIAMS
• 17.1 Direct taxes
• 17.2 Income tax
• 17.3 Corporation tax
• 17.4 Inheritance tax
• 17.5 Indirect taxes
• 17.6 Value Added Tax
• 17.7 Stamp Duty
• 17.8 Mansion tax and annual tax on enveloped dwellings
• 17.9 Council tax
• 17.10 Rating and uniform business rates
• 17.11 Land value tax
• 18 Valuation - LYNN JOHNSON and BECKY THOMSON
• 18.1 Income cash flows
• 18.2 Term and reversion
• 18.3 Hardcore/layer method
• 18.4 The all-risks yield
• 18.5 Over-rented property
• 18.6 Analysing tenant incentives
• 18.7 The discounted cash flow approach to valuing property investments
• 18.8 Valuing vacant property
• 18.9 Valuation and sustainability
• 18.10 The Valuer Registration Scheme
• 18.11 The comparative method
• 18.12 Valuation accuracy
• 18.13 Depreciated replacement cost
• 18.14 Valuing leasehold interests
• 18.15 Asset valuations
• 18.16 Valuing trading properties