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The purpose of this paper is to establish whether or not asking price can provide a reliable indication of the impact of a negative externality when transaction data are scarce.

Until recently, transaction data within the UK were either unobtainable or expensive. Subsequently, an analysis of the value impacts of living near negative externalities (such as high voltage overhead power lines (HVOTL)) relies almost entirely on valuer expertise. Since behavioural research suggests that valuers often anchor to asking price which, in theory, is based on the selling agent's opinion of the likely transaction value of a property, the argument is made that “asking price” provides a reliable indication of the impact of a negative externality when transaction data are scarce. This theory is tested through an analysis of the real versus perceived impacts of an HVOTL on proximate house prices.

The results, whilst providing additional evidence to support the relationship between value diminution and the presence of an HVOTL near residential homes, suggest that agents' marketing price does not capture the true impact of this type of negative externality and should therefore be treated with caution by practitioners seeking to establish the value of this type of property.

The results of this article add additional evidence to support the findings from previous studies in this field.

Uses an explicit risk model to examine investment performance in the private rented housing sector. Suggests that by using such rational analysis it is possible to identify target returns for these investments. Examines the reasons for disinvestment and the factors which need to be addressed in order to sustain a viable sector in the future. Concludes that for small investors already investing in a specific sub‐market of the sector reasonable returns are available without them having to improve the structure or the image of their holdings.

Assesses the methods which can be used to value non‐market property assets in the light of increased demands for such valuations in a time of movement towards greater public accountability. Discusses the inadequacy of current methods of valuation which assume that the property is used for financial gain when no established supply and demand market exists for public property assets. Concludes that a valuation should reflect environmental as well as economic efficiency of buildings.

Studies regarding rational decision have been conducted over many years and one of the common understandings of rationality in financial terms is that investors are assumed to be risk averse. However, in a previous paper, Xu and Dent, identify that property professionals in both the UK and China do not behave in a rational manner as assumed by traditional finance models. This is because the sample in the study is risk seeking when the probabilities of receiving capital gains are low. This current paper aims to explore whether university training would influence the respondents’ risk preferences. A survey of undergraduate and postgraduate real estate students at Oxford Brookes University was used to investigate the potential of university training to improve people's decision making, so as to enhance the rationality of their behaviour.

A survey of undergraduate and postgraduate real estate students at Oxford Brookes University was conducted during the academic year 2007/2008 to investigate the potential of university training to improve people's decision making, so as to enhance the rationality of their behaviour. In total, there were 206 students participated in the survey (156 undergraduates and 52 postgraduates).

This paper finds that preferences of Oxford Brookes University students seem likely to change once the same question is phrased differently. This preference is more relevant to the university training they received than their gender. After three years’ study at universities, students seem more likely to make rational decisions, i.e. similar to normative theory suggestions regarding the actions of rational people.

This paper is only a start of behavioural research of people's decision making, and further studies could also cover areas such as property experts' decision‐making process or validity of other assumptions of expected utility theory.

Research undertaken by the authors over the last two years has revealed a number of problems in valuing non‐market, non‐investment properties in the public sector. The first part of the article draws together some of the literature in the area of public sector asset valuation and management. This is intended, first, to highlight current thinking about the issues involved in the valuation exercise, second, to focus on some of the unresolved aspects and, finally, to suggest areas for further consideration to help resolve these.The second part of the article provides an introduction to, and critical examination of, the valuation methodology commonly used to value specialised property assets. Possible alternative approaches are suggested, which may better enable authorities to assess the performance of their assets and integrate these into the management processes.

Occupiers of offices in Birmingham are faced with four main problem areas: organisation evolution; location; new working practices; and availability of office supply. This paper is based on a comprehensive survey of office occupiers within Birmingham’s office core. It focuses specifically on the implementation of new working practices, information technology and management techniques. Emphasis is placed on the resultant effect for occupier demand. Development of new office buildings has proved to be most successful within the city centre especially following the popularity of the Brindley Place development located outside the traditional CBD. The paper shows that, although, the demand for large floorplated buildings is strong, occupiers are seeking specifications which reflect their organisation’s structure and which also have the ability to utilise future IT systems. As a consequence of the limited supply within the city core, occupiers have often opted to take refurbished space in more secondary locations which attempt to meet their immediate needs. However, does the widespread use of IT still provide an advantage in business and does its use require the most modern and largest buildings in the CBD? The results of this research reveal insight into the views of office occupiers which could be valuable for commercial office developers and investors.

Considers the nature of local authority assets within the context of overall management objectives. Raises questions about the categorization of public assets and the way in which they are perceived by local authorities. Analyses research undertaken to examine the compilation of asset registers, the methods for the valuation of these assets, the appropriateness of such methods and the resulting explanations of value. Assesses the recently completed exercise undertaken by UK authorities to record their property asset stock and suggests, in the longer term, how such an exercise could be modified to incorporate more appropriate means of valuing some of its assets.