'The correct banding for a property is, like all valuations, a matter of professional judgement. The National Audit Office did not second guess professional judgements on individual valuations but examined, first, the way in which the Valuation Office planned and controlled the work and second, the bandings given to an independent sample of 12,000 properties sold around the valuation date.
'This showed that around three quarters of the sample were given a band corresponding to the purchase price. Adjusting the price to reflect the 10% tolerance used by the Valuation Office brought around 91% of the sample into line with the banding given.
An inconsistencies between an individual purchase price and the banding of the property does not necessarily mean that the banding is wrong. Similar properties can and do sell for different prices and valuers had to take into account the weight of relevant sales evidence as a whole.