There is often confusion among buyers and sellers regarding the difference between market value and Rateable Value (formerly known as Government Valuation) or RV. RV is a valuation that is reviewed every three years and is derived from statistical data which then determines the value of your property that our rates are based on for the forthcoming period.
Owners and buyers basing their buying and selling decisions on the RV should exercise caution due to a variety of reasons. Firstly, market conditions and influences can fluctuate on a regular basis depending on the ever changing economic situations. RVs are often out of date before they are confirmed after objections have been reviewed. Secondly, statistical data doesn’t always reflect on the ground influences of value i.e. two properties selling in the same street may not be comparable when one may have been renovated and another not. Prudent buyers and sellers should survey the market and carefully consider recent sales in the area and make their own investigations and judgements on value.
Market value is determined by the conclusion of the negotiation process between a willing buyer and a willing seller reaching agreement on value. EVES can assist you with this information.