The Use Of Valuations

In this issue of the Journal we present a themed issue on valuation in tandem with the World Valuation Congress. The World Valuation Congress conducted its 10th, biennial Congress (WVC X) at the University of Cambridge, between 21-24 July, 2003. The Congress theme was “Is there a future for the valuation profession?” It attracted delegates from 26 countries despite the complications of SARs, war and terrorism. For the last 20 years WVC has been an important, independent forum for the international exchange of ideas on valuation issues. Congress X examined the future of the valuation profession, with the resounding conclusion was that there is a future, but complacency and reliance on the past will not guarantee that future. In a world where the only constant is change, the provocative theme was designed to elicit forward thinking. Plenary speakers, workshop presenters and delegates in discussion groups rose to the challenge and discussed the future of the profession over three days within the serene and historic environment of Clare College, thanks to the Cambridge International Land Institute. Six distinguished speakers addressed Congress including practitioners and academics. WVC X also set out to hear from industry and was not disappointed. After introducing the Honourable Amos Kimunya, MP, the Kenyan Minister for Lands and Settlements, Hong Kong’s Nicholas Brooke, the first truly international President of RICS, opened the Congress and in his opening remarks set the tone for what was to follow. The first plenary speaker was Mr Barry Gilbertson, Partner, PricewaterhouseCoopers, then Senior Vice President of the RICS. Mr Gilbertson examined the role of the professional in a global environment distinguishing the need for valuers to provide a service that was of value to clients as opposed to using automated valuation models that reduce the valuation service to a commodity produced at the lowest possible cost. The future role of the valuer, in his view was assured but only if valuers adapted to the realities of the marketplace and re-shaped their skills and services. His paper is presented in this issue as the “Practice briefing”. Professor Stanley Hamilton, from the Sauder Business School at the University of British Columbia, provided a refreshing look at the future of the training of valuers. Dr Hamilton concluded that there was a future for the valuation profession but that it was time to move away from a rigid delineation of process and introduce a higher level of integration and critical thinking required of today’s professional. It was no longer adequate to rely on professional and technical ability. Valuers need to be adept at a much broader range of meta-skills to survive and be successful. On the second day of Congress, Mr Michael Johns, CEO of the UK Valuation Office Agency, examined the Congress theme from the perspective of a public authority charged with valuing properties in England and Wales. In the