Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the Valuation Office Agency’s reliance on national or broad regional comparables without regional weighting on valuations for primary care infrastructure in (a) Oxfordshire and (b) other high cost areas.

The Valuation Office Agency’s District Valuer Services (DVS) provide property advice to NHS bodies in England, including Current Market Rent (CMR) assessments for GP practice premises, under the NHS (General Medical Services - Premises Costs) Directions.

DVS is instructed in accordance with the Directions, to assess the financial value for money aspect of proposed new lease terms including rent for both existing premises and for third-party development schemes.

DVS then provide advice to the Integrated Care Board (ICB) to assist the ICB with their decision on the assessment of Value for Money in supporting a proposal.

In arriving at opinions of CMR, DVS valuers utilise the comparable valuation approach, identifying the best available evidence which is subject to analysis, adjustment and weighting in order to apply to the subject property. This is in line with the RICS professional standard Comparable evidence in real estate valuation, 1st edition.

Location is an important factor in the valuation process and the relative value of individual locations, including high value areas, is fully considered and assessed by the valuer in arriving at an opinion of CMR.