The use of discounted cash flow techniques is said by some to have been introduced into property valuation in the last twenty years or so, and in the relatively recent past one heard discussions as to whether this was a welcome development and whether such techniques were proper and acceptable methods of valuation. Although it would be inappropriate to go too deeply into this subject area in this book, in view of the increasing prominence of this topic it is essential to consider it. There is no intention of providing anything other than an introduction to the topic, and the reader will be able to follow this up with further study in more specialised books.