Agricultural and rural property
The same valuation principles apply to agricultural land and buildings as to any other property asset. Valuation requires an analysis of the subject, and in particular, the qualities of the subject property. Agricultural and rural properties have a wide divergence of type and character, and overlap into other markets such as residential housing, commercial business, etc. The agricultural and rural elements of the valuation are the focus in this section.
This section highlights the breadth of the challenges faced by the agricultural and rural valuer, potentially with every new instruction. Rural valuation can be endlessly fascinating, especially as it is constantly changing and evolving. For example, milk quotas came and went, and now we have renewables and other forms of diversification. New developments, as we adjust to farming and rural life outside the EU, will continue to fuel this interest and diversity.
This section is maintained by Charles Cowap, RICS Registered Valuer.
Related standards and guidance: RICS Valuation – Global Standards
Related standards and guidance: RICS Valuation – Global Standards: UK national supplement 2018
Related standards and guidance: Valuation of rural property, RICS guidance note
Related template: Rural valuation checklist