Neil Crosby’s work with colleagues in the Department of Real Estate and Planning has raised UK and international standards in property valuation. It has influenced global monetary policy towards improving the financial stability of nations and is set to shape how affordable housing is delivered in England.

Correctly appraising how much existing buildings and development land is worth is important. Getting it wrong can have major consequences for individuals, communities, businesses and economies. During the global financial crisis in 2008, several UK banks failed in part due to unsustainable lending secured on commercial property.

Professor Crosby developed robust new long-term valuation models for real estate. Working with Peter Wyatt, Steven Devaney, Pat McAllister and Cathy Hughes, the team is bringing industry bodies together to agree new bases and methods of valuation to improve the transparency of secured lending.

Their commercial property valuation model has been adopted by the International Monetary Fund for some of its individual country financial stability assessments and, in the UK, it contributes to the Bank of England’s annual resilience tests of UK banks and commentaries on the commercial property within its periodic Financial Stability Report.

The team’s research into property valuation has also driven changes in how developments are appraised internationally and identified flaws in UK Government planning policy relating to affordable housing in England.

Their best practice international guidance for the valuation of development land is being applied by the Royal Institution of Chartered Surveyors.  And now they are shaping the National Planning Policy Framework, work that will help close loopholes that allowed developers to reduce the amount of affordable housing within residential developments.

Team: Neil Crosby, Peter Wyatt, Steven Devaney, Pat McAllister and Cathy Hughes
In partnership with University of Cambridge. Funded by Investment Property Forum, Royal Institution of Chartered Surveyors

Shortlisted for the University Research Engagement and Impact Awards 2020

First published: June 2020