Concepts of price, value and worth in the United Kingdom – Towards a European perspective

In recent years there has been a growing debate on price, value and worth, particularly in the UK, but increasingly taking on a European perspective as a result of the Single European Act and subsequent Maastricht Treaty. European integration facilitates cross‐border investment and the globalization of business activities. Consequently, there is increasing pressure on valuers to work towards the development of common investment valuation standards within Europe. Furthermore, there is a need to appraise the investment worth of properties, as well as understand local pricing methods, together with greater transparency of investment valuation methodologies and practices. This paper discusses the theoretical arguments surrounding the valuation standards prevalent in the UK and looks towards the potential for uniformly accepted valuation standards across European Union countries.