REP staff shortlisted for Research Impact Award
7 April 2020
Neil Crosby and colleagues (Peter Wyatt, Steven Devaney, Pat McAllister and Cathy Hughes) have been shortlisted for the University of Reading’s Research Engagement and Impact Awards 2020, for Leading the development of international property appraisal methodology.
The Research Engagement and Impact Awards celebrate excellence in research that addresses real world problems and changes the world around us. Research from the Department of Real Estate and Planning has therefore been recognised as having raised UK and international standards in property valuation. It has influenced global monetary policy towards improving the financial stability of nations, and is set to shape how affordable housing is delivered in England.
Crosby, Devaney and Hughes have developed robust new long-term valuation models for real estate. Through doing so, they are bringing industry bodies together to agree new bases and methods of valuation for use by valuers internationally to improve the transparency of secured lending.
Their commercial property valuation model has been adopted by the International Monetary Fund for some of its individual country financial stability assessments and, in the UK, it contributes to the Bank of England’s annual resilience tests of UK banks and commentaries on the commercial property within its periodic Financial Stability Report.
Research into property valuation by Crosby, McAllister and Wyatt has also driven changes in how developments are appraised internationally and identified flaws in UK Government planning policy regarding the provision of affordable housing in England.
Crosby and Wyatt authored best practice international guidance for the valuation of development land for the Royal Institution of Chartered Surveyors. Now they are shaping the way the revised National Planning Policy Framework is applied, closing loopholes that allowed developers to reduce the amount of affordable housing within residential developments.
For more information on the awards and the other shortlisted projects: Research Engagement and Impact Awards 2020
University of Cambridge
Investment Property Forum