A question of value: a discussion of property pricing and definitions of value
French, N., (2002) A question of value: a discussion of property pricing and definitions of value. Working Papers in Land Management & Development. 08/02. Working Paper. University of Reading, Reading. pp12.
Valuation is often said to be “an art not a science” but this relates to the techniques employed to calculate value not to the underlying concept itself. Valuation practice has documented different bases of value or definitions of value both internationally and nationally. This paper discusses these definitions and suggests that there is a common thread that ties the definitions together.