Calculating the value of Council property

How do the council calculate the value of council property BEFORE they deduct the discount? Do they contact estate agents to find the value of similar property in the same area on the open market?

It's just that since council housing has always been subsidised property, (similar to today's affordable housing), I wondered whether those exercising their RTB would still see council property being valued at today's market prices, before the discount? Or do the council take into consideration that council property was always subsidised property and therefore worth less than current market prices?

The valuation is required to comply with Part V of the Housing Act 1985 (as amended) and HMG Guidance under it.

See http://www.legislation.gov.uk/ukpga/1985/68/part/V.

Section 125 says this (but continues with other stuff):

125. Landlord’s notice of purchase price and other matters.

(1) Where a secure tenant has claimed to exercise the right to buy and that right has been established (whether by the landlord’s admission or otherwise), the landlord shall...serve on the tenant a notice complying with this section.

(2) The notice shall...state the price at which, in the opinion of the landlord, the tenant is entitled to have the freehold conveyed or, as the case may be, the lease granted to him and shall, for the purpose of showing how the price has been arrived at, state:

(a) the value at the relevant time,

(b) the improvements... to be disregarded in determining value..

Section 127 says this (but continues with other stuff):

127. Value of dwelling-house.

(1) The value of a dwelling-house at the relevant time shall be taken to be the price which at that time it would realise if sold on the open market by a willing vendor:

(a) on the assumptions stated for a conveyance in subsection (2) and for a grant in subsection (3). . .

(b) disregarding any improvements made by any of the persons specified in subsection (4) and any failure by any of those persons to keep the dwelling-house in good internal repair...

Plus the RTB tenant has a right to challenge it via the HMRC Valuation Office.

I have now been given the value of my council house, its around £5,000 lower than I was expecting.

I was well pleased, I am hoping to get a mortgage next month.

I have now been given the value of my council house, its around £5,000 lower than I was expecting.

I was well pleased, I am hoping to get a mortgage next month.

Have you checked 'Rightmove' to find out how much the same property sold for recently? What is the difference in price?

Have you checked 'Rightmove' to find out how much the same property sold for recently? What is the difference in price?

Next door sold for £107,000 less than 12 months ago, its the same house/garden; my house was valued at £100,000

Fingers crossed all goes according to plan.

I have now waited longer than 8 weeks, so........

Fill in an ‘Initial notice of delay’ form (RTB6) and send it to your landlord.

https://righttobuy.gov.uk/apply/delays/

I am expecting the valuation, any day now, but I will fill the form in, just in case.