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Analyses the effect of valuation error on the implied precision of investment performance measurement of property assets. A prerequisite for measuring the absolute or relative performance of commercial property investments is that valuations provide a reliable proxy for prices. However, there are conceptual and empirical grounds to suggest that uncertainty is inherent in the valuation process. This is primarily due to the structure of the commercial property market and the techniques and guidelines of the property valuation process. Sampling theory is used to measure portfolio valuation error confidence bands for hypothetical property investment portfolios based on different assumptions concerning assumed levels of valuation error, size of portfolio and number of measurement time periods. It is concluded that, for the majority of investment portfolios, property investment performance measures will include some uncertainty and thus the property fund manager should be sceptical of the implied precision in reported measures of return.

A recent, major UK research project investigated technical and social aspects of reducing the CO2 emissions of UK domestic housing by 50% by the year 2030. As 80% of the UK housing stock that will be present in 2030 has already been built, this study aimed to research the whole life costs of three sets of energy demand reduction technologies for existing housing, over a 25-year period, suitable to deliver significant CO2 emissions reduction up to 50%. Demand side technological interventions in the form of fabric upgrades and ventilation systems are identified. Whole life cycle analysis of interventions carried out on two housing variants prominent in the domestic stock under different energy price scenarios is carried out using discounted cash flow and compared with the do-nothing option. The results show that, despite reducing annual energy bills, there is no clear financial case even over a 25-year horizon for householders to invest in the proposed interventions that contribute to CO2 emission reduction targets. When discussed with respect to household income and consumption preferences, the results reveal the need for new policy approaches to overcome the financial and non-financial hurdles for a mass uptake of energy efficient technologies.Energy consumption, energy efficiency, whole life costing, housing,

The gradual increase in impermeable surface area in urban conurbations has clear consequences for flood risk. This paper details an investigation into the impact of one element of urban creep (hardstanding/paving provision) on flood risk and water quality in Scotland. Following a review of current hardstanding practice, an extensive stakeholder consultation exercise is presented. The outcomes of this consultation clearly highlight that the installation of impermeable hardstanding in Scotland is sufficiently widespread to justify measures to discourage such development. This is confirmed by the results of a residential survey, which indicates that there has been a near quadrupling of the area of impermeable hardstanding in three typical residential areas of Edinburgh. A number of case studies are presented, and it is concluded that, although more costly, permeable hardstanding solutions offer multiple benefits to the urban drainage cycle and should be promoted through legislation, education and incentivisation. Finally, recommendations for future work are detailed.

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