PROPERTY

Credit Points

20

Course Coordinator

To be confirmed

Pre-requisites

None.

Overview

The aim of this course is to explain the principles and practices of financial markets and investment decision making. It also offers an understanding of the jargon that is used by financial practitioners and in the financial press. The module starts by looking at financial institutions, such as the London Stock Exchange and explains how price indices and their derivatives are calculated. Concepts such as the time value of money, present value and future value, risk and return, valuation and the opportunity cost of capital are developed. The course explains why there are markets for property, futures and options, unit trusts (mutual funds), commodities, currencies and money and how these financial products are traded in the financial markets.

Structure

3 one-hour lectures per week and 1 one-hour tutorial per week.

Assessment

1st Attempt: 1 two-hour written examination (60%) and in-course assessment: one 40 minute multiple choice test (20%) and one 1000 word essay/report (20%).

Resit: 1 two-hour written examination (100%).

Credit Points

20

Course Coordinator

Professor N Hutchison

Pre-requisites

None

Overview

The building design process and parties to the construction team. Architectural form and development of the sustainability agenda. Identification of site characteristics and influence of exposure. Functional requirements of building and explanation of basic technology for domestic scale and commercial buildings. The dynamics of materials and structure. Causes of building defects and decay and their effect on usability and value. Principles of Dilapidation. Principles of land and building surveying. Scaled representations.

Structure

1 three-hour lectures per week; 5 two-hour workshops per term; 1 five-hour site visit per term.

Assessment

1st Attempt: 1 two-hour written examination (60%); continuous assessment (40%).

Resit: 1 two-hour written examination (100%).

Credit Points

15

Course Coordinator

Dr D Roberts

Pre-requisites

None.

Overview

This course provides an introduction to the following concepts in an accessible and straightforward manner: summary descriptive measures; measuring variability; index numbers; inequality indices; probability and probability distributions; confidence intervals; hypothesis testing; the χ² and F distributions; correlation; regression analysis and time series analysis.

Structure

2 one-hour lectures and 1 one-hour tutorial per week plus 1 two-hour project class.

Assessment

1st Attempt: 1 two-hour written examination (80%) and in-course assessment (20%).

Resit: 1 two-hour written examination (80%) plus course work mark (20%).

Credit Points

15

Course Coordinator

Dr D Roberts

Pre-requisites

EC 1003 and EC 1503. Available only to students in Programme Year 2.

Overview

This course examines the economic characteristics of property. Introduction to property market analysis: use, investment and development. Analysis of property sectors (housing, office, retail, industrial). Macroeconomics of property markets, the interaction between property markets and the economy. Economic basis of planning, planning regulation in a market economy. Economic analysis of planning policy and delivery, techniques of economic and environmental evaluation in planning.

Structure

3 one-hour lectures and one tutorial per fortnight.

Assessment

1st Attempt: 1 two-hour written examination (80%) and in-course assessment (20%).

Resit: 1 two-hour written examination (80%) and in-course assessment mark (20%).

Credit Points

15

Course Coordinator

To be confirmed

Pre-requisites

PO 1001

Overview

1. The property market and property profession.


2. Property use, investment and development.


3. Definitions of value and measurement practice.


4. The valuation process.


5. Introduction to the five principal methods of property valuation.


6. Analysis of comparables.


7. Revision of financial mathematics.


8. Application of valuation techniques to various property types and interests.

Structure

2 one-hour lectures per week, 1 one-hour tutorial per fortnight, occasional half-day site visits.

Assessment

1st Attempt: 1 two-hour written examination (60%), continuous assessment (40%).

Resit: 1 two-hour written examination (100%).

Credit Points

30

Course Coordinator

Professor N Hutchison

Pre-requisites

PO 2002 and PO 2502

Overview

This course will examine current issues in investment appraisal. It will cover mass appraisal techniques and the application of statistical techniques for property appraisal including application of computer packages such as geographical information systems (GIS) and artificial intelligence (AI). Analysis of balance sheets will be covered in business appraisal along with valuation of special business properties. The course will also cover development appraisal.

Structure

2 one-hour lectures and 2 one-hour tutorial per week.

Assessment

1st Attempt: 1 two-hour examination (60%) and in-course assessment (40%).

Resit: 1 two-hour examination (60%) and original in-course assessment mark (40%).

Credit Points

30

Course Coordinator

Dr R Schulz

Pre-requisites

PO 2501, or EC 2002 or PO 2501.

Notes

Elective for Property single and joint honours and MA Economics single and joint honours.

Overview

The microeconomics of housing markets. Housing market segmentation, disequilibrium in housing, defining neighbourhoods. Analysis of house price models. Housing and the macroeconomy, the behaviour of the finance industry and its impact on housing markets. The interaction between housing and labour markets. Housing taxation and right to buy. Institutional and policy influences in housing markets. The impact of the planning system, housing supply.

Structure

3 one-hour lectures and 1 one-hour seminar per week.

Assessment

1st Attempt: 1 two-hour written examination (60%) and two pieces of in-course assessment (40%).

Resit: 1 two-hour written examination (60%) and two pieces of in-course assessment (40%).

Credit Points

30

Course Coordinator

Mr S Devaney

Pre-requisites

PO 2501 or EC 2002 or AC 2026. Available to students in Programme Year 3 or above.

Overview

This course analyses the structure of international property markets, focusing on Europe, North America and Asia-Pacific. It examines the impact of global and local economic forces and national institutional characteristics on the behaviour and development of property markets in various countries. It discusses how these factors affect the attractiveness of different property markets for international investors. It also examines how real estate service providers have adapted to a changing international business environment.

Structure

1 tow-hour lecture per week and 6 one-hour seminars.

Assessment

1st Attempt: 1 two-hour examination (60%) and in-course assessment (40%).

Resit: 1 two-hour examination (60%) and original in-course assessment mark (40%).

Credit Points

30

Course Coordinator

Dr P Tiwari

Pre-requisites

PO 3002 or PO 4002 or equivalent.

Notes

Available only to students in Programme Year 4.

Overview

This course will cover rent modelling and forecasting, inflation hedging capabilities of direct and indirect property, price discovery between securitised and unsecuritised property, property finance of residential and income generating property, financing of property development, and amortization.

Structure

1 two-hour lecture and per week and 1 two-hour workshop per fortnight.

Assessment

1st Attempt: 1 two-hour written examination (60%) and in-course assessment comprising two pieces of coursework (20% each).

Resit: 1 two-hour written examination (100%).

Credit Points

30

Course Coordinator

Dr D Roberts

Pre-requisites

Available to Senior Honours students who have passed LE 4032.

Overview

Personal research supported by formal introduction to research methods (in associated course) and by regular supervision.

Structure

Required field work: discussion with supervisor.

Assessment

1st Attempt: In-course assessment: submission of dissertation (including original work) on topic approved by the Dissertation Coordinator (100%).

Credit Points

30

Course Coordinator

Dr R Schulz

Pre-requisites

PO 2501 or EC 2002 or AC 2026. Available to students in Programme Year 4 only.

Overview

This course examines theories and issues relevent to investment in property in the contexts of both mixed-asset and property portfolios. Themes include risk and return; the application of Modern Portfolio Theory (including the Capital Asset Pricing Model, capital market line) and security market line; market efficiency and the implications for investors; risk and duration; property market modelling and forecasting. Drawing these themes together, benchmarking and property portfolio strategy and management are examined in the context of practical examples.

Structure

2 one-hour lectures per week and a total of 5 one-hours tutorials/seminars.

Assessment

1st Attempt: 1 two-hour written examination (60%) and in-course assessment (40%).