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					Property Valuation Report
54 Island Row Tower Hamlets Greater London E14 7HU

26 Sep 2006

Statistical computations by Calnea Analytics

Report Contents

Valuation Results Five-year Forecast Comparable Properties – Similar Value Comparable Properties – Similar Type Land Registry Recent Sales Data English Council Tax Valuation Housing Stock Tenure Average Prices Affordability Market Liquidity Selling Time Demographic Data House Price Index Asking Price Index Heat Map Street Rankings Important Notes

2 3 4 5 6 7 8 8 9 9 9 10 10 11 12 13 14 17

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Valuation Results
Estimated Current Value: £278,600 Address: 54 Island Row Tower Hamlets Greater London E14 7HU Flat 2

Valuation Date: Valuation Range: Degree of Confidence: Home Improvement Spend:

26 Sep 2006 £251k - £306k High £800

Postcode: Property Type: Bedrooms:

Valuation Estimate: The most probable current value for the property in question, as generated by our automated valuation model, is £278,600. This valuation estimate is based upon the information you have submitted. The valuation estimate assumes that since the previous valuation date the total value of home improvement spend on the property in question amounts to £800.

Degree of Confidence: The Degree of Confidence (calculated from the strength of the available supporting data) is used to determine the Valuation Range. The sale price the property will achieve in an open market will most probably lie within the Valuation Range. The width of the Valuation Range depends upon the Degree of Confidence. A higher Degree of Confidence will lead to a narrower Valuation Range. In statistical terms the Valuation Range represents a movement of one standard deviation either side of the mean. The graph to the left illustrates the distribution curve of probable values. Persons seeking to place reliance on these estimates for their own or third party purposes do so at their own risk. No representation is made as to the accuracy, completeness or reliability of these forecasts. £251k £306k

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Five-year Forecast
Estimate of Current Value: £278,600

Price Forecast Range - (68% confidence)
Forecast High Medium Low £468k £384k £304k CAGR (%) 10.9% 6.7% 1.7% Total Growth (%) 68% 38% 9%

Price Forecast Range - (95% confidence)
Forecast High Medium Low £552k £384k £220k CAGR (%) 14.6% 6.7% -4.6% Total Growth (%) 98% 38% -21%

Valuation Forecasts: The house price forecast model predicts that £384k is the most probable value of the property in five years time. There are two sets of price forecast ranges shown above. The first forecast range (£304k - £468k ) has a statistical confidence measure of one standard deviation from the mean, while the second range (£220k - £552k) has a 95% confidence measure (1.96 standard deviations). The confidence measure represents our degree of certainty that the property’s value in five years time will be within the given range. The Price Forecast Fan Chart is a graphical illustration of how these two ranges project over time. CAGR stands for Compounded Annual Growth Rate. This is the annual equivalent percentage growth required to meet the forecast valuation. Important Notes The forecast model assumes that the property undergoes no material home improvement or deterioration going forward. All changes are nominal and do not allow for inflation. For Leasehold properties, these forecasts assume that the length of lease is sufficient for the property price to not be materially affected by a five year decrease in lease length. Persons seeking to place reliance on these estimates for their own or third party purposes do so at their own risk. No representation is made as to the accuracy, completeness or reliability of these forecasts.

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Comparable Properties - Similar Value
Postcode
E14 7HU E14 7HU E14 7HU E14 7HU E14 7HU E14 7HU E14 7HU E14 7HU E14 7HU E14 7HU E14 7HU E14 7HU E14 8BQ E14 7JG E14 8BQ E14 8BT E14 8BQ E14 8BQ E14 8BT E14 8BQ

Address
55 Island Row Tower Hamlets 60 Island Row Tower Hamlets 57 Island Row Tower Hamlets 50 Island Row Tower Hamlets 62 Island Row Tower Hamlets 47 Island Row Tower Hamlets 51 Island Row Tower Hamlets 39 Island Row Tower Hamlets 48 Island Row Tower Hamlets 58 Island Row Tower Hamlets 34 Island Row Tower Hamlets 21 Island Row Tower Hamlets 11 Madison House Flat 3 Victory Place Tower Hamlets 137 Basin Approach Tower Hamlets 9 Imperial House Flat 15 Victory Place Tower Hamlets 8 Flat 6 Northey Street Tower Hamlets 9 Imperial House Flat 5 Victory Place Tower Hamlets 9 Imperial House 6 Flat Victory Place Tower Hamlets 8 1 Flat Northey Street Tower Hamlets 9 Imperial House 2 Flat Victory Place Tower Hamlets

Tenure
Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold

Type
Flat Flat Flat Flat Flat Flat Flat Flat Flat Flat Flat Flat Flat Flat Flat Flat Flat Flat Flat Flat

Date
04/07/06 28/09/05 09/09/05 04/04/05 14/10/04 02/06/04 09/07/03 25/04/03 26/07/02 07/06/02 27/03/02 15/06/00 09/02/06 16/09/05 02/09/05 18/03/05 24/09/04 19/09/03 12/09/03 22/08/03

Sale Price
£280,000 £269,000 £250,000 £260,000 £270,000 £280,000 £262,500 £250,000 £250,000 £235,000 £194,000 £154,000 £295,000 £274,950 £281,795 £250,000 £293,000 £248,000 £260,000 £259,950

Current
£280,600 £275,900 £257,500 £271,700 £280,900 £296,600 £296,700 £281,800 £303,400 £295,100 £261,700 £262,000 £299,400 £283,200 £290,200 £261,200 £304,900 £281,200 £293,900 £293,800

The list above represents similarly valued homes in the vicinity of the property in question. The list is ordered according to proximity. Sale price refers to the last price for which the property exchanged hands. Date refers to the date on which title deeds where exchanged. The prices in the Current column are an approximation of the current value of each home. Transaction details are obtained from information produced by HM Land Registry - all © Crown copyright material is reproduced with the permission of Land Registry.

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Comparable Properties - Similar Type
Postcode
E14 7HU E14 7HU E14 7HU E14 7HU E14 7HU E14 7HU E14 7HU E14 7HU E14 7HU E14 7HT E14 7HZ E14 7JG E14 8BQ E14 8BT E14 7JP E14 7JP E14 8BG E14 8BG E14 8BG E14 8BG

Address
Island Row London Island Row London Island Row London Island Row London Island Row London Island Row London Island Row London Island Row London Island Row London Norway Place London Mill Place London Basin Approach London Victory Place London Northey Street London Newell Street London Newell Street London Victory Place London Victory Place London Victory Place London Victory Place London

Beds
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Type
Flat Flat Flat Flat Flat Flat Flat Flat Flat N/A Flat N/A Flat Flat Flat Flat N/A Flat Flat Flat

Distance (km)
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1

Value
£270,800 £242,300 £270,800 £257,900 £275,500 £261,300 £242,300 £261,300 £285,000 £555,800 £361,000 £522,500 £342,000 £361,000 £181,300 £195,300 £304,000 £318,300 £361,000 £365,800

The homes above refer to properties within the postcode district that demonstrate characteristics similar to the property in question. Please note that if you did not provide bedroom numbers for the property in question, this page will include a selection of properties of different sizes sorted by proximity. The Value column represents current market value as derived from actual selling prices.

Page 5 of 17

Recent Sales
Postcode
E14 3UE E14 6NQ E14 8LZ E14 9UW E14 8EL E14 0DF E14 0NP E14 9NB E14 9QD E14 7NP E14 3GJ E14 7HU E14 3TU E14 3JB E14 3GG E14 3WE E14 8PG E14 6PP E14 9XA E14 3AQ

Address
Aphrodite Court Flat 1 Homer Drive Tower Hamlets 46 27 Studio Morris Road Tower Hamlets 18 Vanguard Building 57 Westferry Road Tower Hamlets 35 Undine Road Tower Hamlets 62 Morant Street Tower Hamlets Corry House Flat 17 Wades Place Tower Hamlets 12 Athol Square Tower Hamlets 41 Flat 97 Millharbour Tower Hamlets 13 Aegon House Flat 26 Lanark Square Tower Hamlets 4 Barnes Street Tower Hamlets 14 Flat 7 Millennium Drive Tower Hamlets 55 Island Row Tower Hamlets 7 Orion Point 42 Crews Street Tower Hamlets 42 Amsterdam Road Tower Hamlets 17 Schooner Close Tower Hamlets 226 St Davids Square Tower Hamlets 94 Alpha Grove Tower Hamlets 57 Spey Street Tower Hamlets 123 Telegraph Place Tower Hamlets 35 Transom Square Tower Hamlets

Tenure
Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold Freehold Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold Leasehold Freehold Freehold

Type
Flat Flat Flat Flat Flat Flat Flat Flat Flat Terrace Flat Flat Flat Flat Flat Flat Flat Flat Flat Terrace

Date
21/07/06 18/07/06 14/07/06 11/07/06 11/07/06 10/07/06 10/07/06 07/07/06 07/07/06 07/07/06 06/07/06 04/07/06 03/07/06 30/06/06 30/06/06 30/06/06 30/06/06 30/06/06 30/06/06 30/06/06

Sale Price
£215,000 £260,000 £250,000 £260,000 £200,000 £175,000 £162,000 £340,000 £201,000 £325,000 £263,000 £280,000 £383,000 £182,450 £271,000 £395,000 £224,995 £180,000 £350,000 £250,000

The list of property transactions above represents the most recent sales of properties in the same postcode district. The sales are ordered by date, starting with the most recently available information. Transaction details are obtained from information produced by HM Land Registry - all © Crown copyright material is reproduced with the permission of Land Registry.

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Valuation for English Council Tax Purposes
Background: Council Tax for England and Wales came into effect on 1 April 1993; it is the main form of local taxation and is paid by residents to their local authority. The tax is based on residential property – each dwelling is allocated to one of eight bands coded by letters A through H on the basis of an assumed value. In England, the assumed value is the amount which, subject to certain assumptions, it would have sold for on the 'open market' by a 'willing vendor' on 1 April 1991. Allocating the correct council tax band to all homes in England and Wales is the responsibility of the Valuation Office Agency (VOA), an executive agency of the Inland Revenue (IR). Even if a property was built after 1 April 1991, it is banded according to what the VOA think that its value would have been on 1 April 1991. The information provided below represents our estimate of what the market value of the property would have been on 1 April 1991. In certain circumstances you may challenge the valuation band on your property by making a "proposal" to alter the council tax valuation list. Please visit the VOA website (www.voa.gov.uk) for more information.

Estimated Value: Valuation Date: Degree of Confidence: Valuation Range:

£101,300 01 April 1991 Low £71k - £132k £71k £132k

Online Valuation Estimate: Our automated valuation model indicates that the estimated value of £101,300 is the most probable value for the property in question on 1st April 1991. The valuation is based upon the information provided and assumes that there has been no substantial home improvement or deterioration between 1st April 1991 and the date of most recent valuation. If factors that affect value have not been captured or measured accurately by the statistical model – this valuation may require revision. Degree of Confidence: The degree of confidence in the valuation provided is determined by the statistical strength of the available valuation data. A higher degree of confidence is given to valuations that have a higher chance of being accurate. The degree of confidence is used to determine the Confidence Interval – an estimated valuation range between which the property is likely to sell for in an open market. A low degree of confidence results in a wider Confidence Interval. Persons seeking to place reliance on these estimates for their own or third party purposes do so at their own risk. These estimates are prepared from information that is collated with care, however no representation is made as to their accuracy or completeness or reliability.

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Housing Stock - 2001 Census
Postcode District (E14)
Total Properties: 24,089

Postcode Area (E)
Total Properties: 329,617

National Average
Total Properties: 22,530,070

The pie charts above illustrate the relative proportions of the differing types of property found within the respective areas. Based on information collected in the 2001 census, the pie charts provide an indication of how common particular types of housing are within the various areas. It is important to note that as homes are demolished and built these percentages will fluctuate accordingly.

Tenure: Percentage of households - 2001 Census
Postcode District (E14) Postcode Area (E) National Average

The pie charts above are intended to help the reader understand tenure patterns at national, postcode area, and postcode district levels. Across the country the dominant tenure is owner occupation, with the second largest tenure being the socially rented sector. Social housing is more prevalent in metropolitan areas than non-metropolitan areas. The exact proportions vary between locations.

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Average Prices
Average Current Values 1 Bedroom Properties 2 Bedroom Properties 3 Bedroom Properties 4 Bedroom Properties 5+ Bedroom Properties District - E14 £241,355 £340,677 £453,931 £476,345 £498,264 Area - E £208,804 £279,923 £292,723 £380,675 £517,393 National Average £118,001 £172,437 £194,922 £288,369 £468,038

The table above shows the current average prices at which properties are selling, based upon the number of bedrooms they have.

Affordability Indicators
District - E14 Average Current Value Average Annual Earnings Price / Earnings Ratio £322,698 £27,638 12.0x Area - E £241,101 £24,570 10.0x National Average £193,489 £22,847 8.0x

The price to earnings ratio is basic affordability measure for housing in a given area. It is the ratio of current average property values to average disposable income, expressed as years of earnings (i.e. a multiple of annual earnings). The lower the multiple the more affordable properties are within a particular area in relation to the average earnings of inhabitants of that area. Ratios which are different from the national average do not necessarily imply that properties within an area are under or over valued. Factors unique to the specific location can cause such differences. Nevertheless, over the long run property prices tend to increase in line with earnings.

Market Liquidity
District - E14 Market Size: total number of properties Market Size: number of transactions in last six years Market Liquidity: No. of transactions / No. of properties 24,089 9,815 40.7% Area - E 329,619 74,124 22.5% National Average 22,530,070 7,176,233 31.9%

The 'Market Liquidity' percentage above measures the number of property sales within the last six years against the total number of properties. Market Liquidity is a measure of how active the housing market is. Historically, periods of greater activity correspond to periods of rising prices.

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Property Selling Time

The chart above shows the current average selling time of properties in the postcode district and postcode area against the national average. The selling times shown refers to the period for which properties are marketed. This excludes the time required to complete a property transaction once an offer has been accepted. This information has been derived from data supplied by home.co.uk.

Demographic Data
District - E14 Population of area: Median Age Proportion of population who are Retirees Proportion of population who are Unemployed Proportion of population who are Educated to Degree level Proportion of population who are Full Time Students Proportion of population who are Migrants Average distance (km) travelled to fixed place of work 55,861 29 11.5% 6.3% 32.2% 5.6% 19.5% 9 Area - E 800,288 31 13.6% 6.1% 27.0% 5.9% 14.2% 9 National 52,024,138 39 22.0% 3.2% 19.8% 3.4% 12.2% 15

The demographic data above allows you to gain an overall impression of the type of inhabitants and social makeup of the postcode district and postcode area as against the national average. The data above is obtained from the 2001 census.

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House Price Indices

The three house price indices above show historic movements in residential property prices at a national, postcode area, and property specific level. All three indices are rebased to 100 at April 2000. For example, the date at which the line crosses 140 is when house prices have increased by 40% from April 2000. Price indices are produced by Calnea Analytics - the official supplier of House Price Indices, and economic and statistical consultancy to HM Land Registry. The price indices are created using the repeat-sales regression model. Full details on the methodology are available at www.calnea.com

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House Price Indices (cont.)

The Home.co.uk Asking Price Index is the UK's independent, forward market indicator. The published figures indicate fluctuations in residential property asking prices and thereby reflect current and historic confidence of buyers and sellers of UK homes on the open market. The line graphs above show changes in the mix-adjusted average asking prices for the region against the national average. The Home.co.uk Asking Price Index is calculated every month using more than 600,000 UK house prices found in the Home.co.uk Property Search Index. This figure represents the majority of the property for sale on the open market in the UK at any given time. Properties above £1m and below £20k are excluded from the calculations. As the Home.co.uk Index is based on asking price data it can provide insights into price movements around 5 months ahead of mortgage completion and actual sales data - thus making it the most forward measure of price change.

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Property Price Heat Map

The postcode sectors above are coloured according to average current value - darker greens indicate more expensive sectors.

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Streets in E14 Ranked by Highest Average Price
Rank
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Street
Blyths Wharf Westferry Circus Hertsmere Road South Quay Square Brightlingsea Place Mariners Mews Selsdon Way Chandlers Mews Olliffe Street Fairmont Avenue Basin Approach Rainbow Avenue Arnhem Place Albert Mews Hutchings Street Prestons Road Raleana Road Branch Road Jamestown Way Goodhart Place

Locality
Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets

Average Price
£1,048,823 £717,239 £604,559 £495,940 £492,865 £469,336 £413,255 £407,612 £403,951 £402,722 £401,007 £398,932 £395,661 £392,589 £391,036 £390,040 £376,070 £375,570 £372,290 £372,222

Transactions
6 348 222 12 21 11 55 10 15 523 248 6 222 11 203 20 13 274 183 49

The rankings above show the most expensive streets within the postcode district. It is calculated by averaging the current values of all properties within each street. The number of properties used to calculate the average is shown in the column labelled Transactions.

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Streets in E14 Ranked by Lowest Average Price
Rank
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Street
Dewberry Street Findhorn Street Cotall Street Spey Street Teviot Street Plevna Street Cottage Street Glengarnock Avenue St Leonards Road Rosefield Gardens Norbiton Road Dora Street Ricardo Street Market Square Dod Street Landon Walk Limehouse Causeway Brion Place Burcham Street The Quarterdeck

Locality
Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets

Average Price
£148,483 £156,834 £159,490 £163,126 £165,235 £165,329 £167,145 £167,729 £169,393 £169,515 £169,861 £169,915 £170,557 £171,154 £171,206 £171,349 £172,617 £173,167 £173,312 £174,058

Transactions
12 12 10 9 20 7 12 17 79 13 14 11 21 7 10 10 7 18 7 13

The rankings above show the least expensive streets within the postcode district. It is calculated by averaging the current values of all properties within each street. The number of properties used to calculate the average is shown in the column labelled Transactions.

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Streets in E14 Ranked by Highest Number of Sales
Rank
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Street
Westferry Road St Davids Square Fairmont Avenue Narrow Street Cassilis Road Boardwalk Place Newport Avenue Westferry Circus Branch Road Basin Approach Millharbour Arnhem Place Hertsmere Road Manchester Road Crews Street Burrells Wharf Square Hutchings Street Jamestown Way Newton Place Langbourne Place

Locality
Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets Tower Hamlets

Average Price
£326,138 £336,804 £402,722 £368,913 £278,400 £362,694 £297,711 £717,239 £375,570 £401,007 £313,448 £395,661 £604,559 £259,829 £318,194 £266,268 £391,036 £372,290 £348,454 £356,513

Transactions
616 530 523 487 471 376 362 348 274 248 230 222 222 217 204 203 203 183 181 181

The rankings above show the streets within the postcode district ranked by the number of property transactions that have occurred on the street since 1st April 2000. The average price is calculated by using current values as opposed to the prices the properties originally sold for.

Page 16 of 17

Notes
Use of Information This report is provided for information purposes only. The report is prepared from information that is collated with care, however no representation is made as to their accuracy, completeness or reliability. You assume total responsibility and risk for subsequent use of any information contained within this report. Persons seeking to place reliance on the information contained within this report for their own or third party purposes do so at their own risk. You are advised to seek independent advice when buying or selling a property. Crown copyright material is reproduced with the permission of Land Registry. (a)Permitted Use. Viewers of this Information are granted permission to access this Crown copyright material and to download the Crown copyright material onto electronic, magnetic, optical or similar storage media provided that such activities are for private research, study or in-house use only. Any other use of the material requires the formal written permission of Land Registry which can be requested from Land Registry at Lincoln’s Inn Fields, London , WC2A 3PH (b)Restricted Use. Viewers must not copy, distribute, sell or publish any of the Crown copyright material. For information on the Land Registry dataset please contact the land registry directly.

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