Factors influencing mortgage valuation inaccuracy of residential property market within Kaduna Metropolis (Nigeria)
The measure of sale price of actual transaction of a particular property at a particular date and proximity is termed as valuation Accuracy. Errors contributing to this problem are Dearth of rental evidence, Inaccurate capitalization rate, Abodon of the correct procedures of arriving at opinion of v...
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| Format: | Thesis |
| Language: | English |
| Published: |
2017
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| Subjects: | |
| Online Access: | http://eprints.utm.my/id/eprint/78705/1/BilkisuAdamuAliyuMFGHT2017.pdf |
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| Summary: | The measure of sale price of actual transaction of a particular property at a particular date and proximity is termed as valuation Accuracy. Errors contributing to this problem are Dearth of rental evidence, Inaccurate capitalization rate, Abodon of the correct procedures of arriving at opinion of values. The objective of this study is to identified factors that influence mortgage valuation inaccuracy in Kaduna Residential property market, also identify the acceptable margin of error in valuation among the practitioners in the study area as well as to develop a model of significant factors influencing valuation inaccuracy. A stratified sampling technique were used and a sample size of 67 respondents was determined using the sample size formula of Yamane (1968) of which were administered and only 51 were retrieved and analyzed. The study used multiple Regression Analysis (MRA), perception index Likert scale of measurement, with the aid of statistical package of social sciences (SPSS version 24). The key findings of the statistical analysis revealed that 16-20% percent was the perception of the valuers on the maximum acceptable margin of values in residential property valuation within the study area which is proxied to represent mortgage valuation inaccuracy. The findings also indicated, familiarity with property market, client pressure, Absence of national valuation standard, problem of relevant data, Regulatory framework and valuation methodology were the most contributing factors to valuation inaccuracy in the study area, while a model of significant factors contributing to valuation inaccuracy has been successfully developed to measure inaccuracy in valuation in the study area. Finally, this research will be of interest to the practitioners and academic researchers with an interest in mortgage valuation as an eye opener for employing accurate methods in conducting mortgage valuation in the study area. |
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