Inspecting and valuing property and businesses COVID-19

COVID-19 pandemic has changed the way we are inspecting and valuing property and businesses

Here is our guide to how we are inspecting properties and our approach to valuing property and businesses in the current economic climate. We are also following guidance from the RICS. We will continue to review these during the coming weeks and months. 

Our inspections and investigations may take various forms including, but not limited to:

•  Full internal inspection of all but exposed parts and without testing of services.
•  Internal inspection with some level of restriction on access.
•  A site perimeter or ‘drive-by’ inspection.
•  An inspection otherwise external to the site or property.
• A ‘desktop’ opinion formed using, for example, digital mapping, records, plans and other data.
• Where an internal inspection is required ideally the property should be empty/vacated.

Our approach to valuing property and businesses in the current economic climate:

There is a lack of reliable data during the lockdown period as both buyers and sellers put plans on hold. Values will undoubtedly be negatively impacted but this is likely to be in the short term. We anticipate that values will recover over the next 12-24 months. If you are looking for a valuation but worried that the value could have fallen, we can provide an update in 6-12 months (contact us for further details).

Property is continuing to sell and as the market recovers we will probably see a mini boom with investors and business people looking to kick start their businesses. We will continue to review this in the coming weeks and months.

Do you need a valuation or do you have a rent review due? If you would like some help in deciding the best way forward please contact us. Phone: 0117 9200 090  Email:  office@jsreakes.co.uk

For more information on what the government is doing now to support businesses, here are links to the UK government website that provide some clarification:

Coronavirus business support

Guidance to employers and business about Covid-19

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