Sold Price Data:
The best and most reliable source of data for the gross development value is the sold price data, specifically the data provided by the Land Registry.
As many of you will know, the Land Registry documents every land transaction and the title documents includes the price for which the specific property or land was purchased for.
The sold price data should be your first source for understanding your GDV and the area which you should spend most of your time. The great thing being that this can all be done from your office on the net
Asking Price Data:
The next source of data for the values in your appraisal is researching what is on the market at the time of your project.
This is, of course, not fully accurate data as the prices shown here are only asking prices and there is no way to tell whether the price shown is under-valued, over-valued or spot on!
If you are planning to build flats in your project, then there is no point searching and analysis data for houses in the area. The comparable data you are using should reflect the design of your project.
The high street/traditional agent still plays a large role is resi property development and this starts way before they get their hands on your finished product to sell.
They will be more than happy to help and you can get a lot of detail from them. Their end goal is obviously to get a chance to sell your finished development so they will usually always help with values.
Last but not least… the specialist property development surveyors.
These guys know development and often know exactly what us developers need.
Unlike high street agents, the development agent specialises in property development and will use a variety of sources and experience to provide the data you want.
Sometimes this comes at a cost, but sometimes they will do it for free depending on your relationship with them.
Find out more about this by registering your interest at Nicholson Academy! www.luxor-group.com/academy