Subject Code & Title :- Residential Property
Assessment Type :- Assignment
Work book Overview :-
This workbook has been designed to relate to Appraisal part of unit 3 Think carefully about the questions raised and then answer them fully using the space provided adding and using extra sheets as required).
Residential Property Assignment – UK
Unit Overview :-
This unit is about monitoring changes occurring in the local property market and determining their impact on the saleability or rental value of different properties within it. It includes making reasoned recommendations regarding the marketing of properties in the light of findings.signment – UK
Changes in your market could include examples such as:
Major development or re-development of the local area (this could be housing or shopping centres etc) Businesses coming or leaving the area (think of how the construction will impact the temporary market and what long term effects it has on the market).
Brexit – has this affected the community you work in?
Covid 19 – what impact has this had on your market?
Schools – new schools being built or closed, Ofsted grade changes change of operational management
(state-run to an academy).
Transport – new rail links to the area.
How this workbook can be used
This workbook will help you to:
Understand how to monitor changes in the local property market
Know how to assess the impact of changes in the local property market
Be able to monitor changes in the local property market
Be able to assess the impact of changes in the local property market
Residential Property Assignment – UK
Be prepared to discuss your responses in the workbook with your trainer and line manager.
Resources
The resources that you can draw on to help you complete this work book are almost limitless but some of the most useful are listed below:
Discussions with your line manager
Business reports or other management information from your company
House price index
News reports
Your own reflections based on your branch successes and challenges
Websites such as Rightmove, advertising, editorial, publications
Generic search engines such
Understand how to monitor changes in the local property market (answer the questions below)
Explain why it is important to monitor changes in the local property market. How does your own branch monitor these changes?
Describe the importance of determining a meaningful time span over which changes can be monitored – how will you determine this for your project?
List the sources of information available to you to monitor the local property market and how do you access it
Why is it important to check the information you research is accurate and current before you use it?
List local and national factors which can cause changes in the local property market
List the typical types of changes which can occur in the local property market.
Residential Property Assignment – UK
Using the resources you have listed above determine the following;
What is the size of your local property market?
What is the nature of your local property market?
What factors affect your property market? Can you detail any changes you have experienced that have affected the property market?
Are these factors local or national? Think about PESTEL which we looked at when completing the Context activity. You may also wish to consider supply and demand factors and price equilibrium.
Activity :-
You may want to discuss this with your manager or tutor before you begin. Review the property market over a specified timeframe suggestion of a year but it may be dependent on the change you are using as your evidence and assess the changes that have taken place. Keep copies of all research and documentation used as this will support your evidence.
PLEASE NOTE: when researching resources online for this, if you are using any text or specific wording please ensure you reference this in your work to adhere to plagiarism and copyright laws. First you need to know the following;
1. Decide the time frame you are reviewing
2. Find out how many property sales or rentals your branch has achieved over this time frame
3. Research the competition and see how many properties they have sold/let over the same time frame.
4. Does this include new builds and re development?
5. What changes have taken place during this timeframe that could affect the market locally and nationally or in your branch?
Detail how you completed your research and what your findings are. Then answer the questions on the next page.
1. Assess the impact of changes in the local property market.
2. What time frame did you decide on and how did you ensure this was a meaningful length of time to review?
3.What factors have affected the market over your chosen time frame?
4.Have the changes affected different types of property if so why is this?
Residential Property Assignment – UK
5.Did the marketing of properties have an impact on the property market? How could you address the changes you have seen through marketing?
6.Who did you share your findings with? And what impact did it have?
7.When communicating your findings what level of confidence can you place on your assessment?
Discuss your findings with your trainer and/or branch manager.
Make a note of your learning points and any actions resulting from this exercise.
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