M o n ito rin g th e L o n g e r Te rm Im p a c t o f C h o ic e B a se d L e ttin g s D C L G ..... more M o n ito rin g th e L o n g e r Te rm Im p a c t o f C h o ic e B a se d L e ttin g s D C L G ... Hal Pawson, Colin Jones, Tony Donohoe, Gina Netto, Cathie Fancy (School of the Built Environment, Heriot Watt University) ... Sue Clegg, Andrew Thomas (British Market ...
Purpose ‐ The purpose of this paper is to review the management of the (accessible) social housin... more Purpose ‐ The purpose of this paper is to review the management of the (accessible) social housing stock as a means to achieve a cost effective solution to meeting the needs of an ageing population. The paper examines the costs and effectiveness of an accessible housing register (AHR) as the primary means social landlords have to utilise accessible housing stock efficiently. Design/methodology/approach ‐ The paper examines the cost effectiveness of the most advanced AHR in the UK. The data for the study was collected in 2009 (costs/expenditure quoted relate to that year) and is derived from a combination of interrogating computerised allocation records and the collection of information on costs through interviews with local authority staff. Findings ‐ The concept of an AHR can involve substantial set up costs. The financial analysis to assess their cost effectiveness proves complex but suggests that an efficient full register could be more than justified in these terms if it led to ...
ABSTRACT The paper discusses the long-term relationship between property investment and urban eco... more ABSTRACT The paper discusses the long-term relationship between property investment and urban economic change which is in turn the consequence of changing transport and industrial technologies. This is exemplified by the decentralisation of economic activities and population suburbanisation that has transformed the spatial structure of cities in the UK over the past 30 years. As part of this process, new property forms have evolved including retail parks and office parks. The paper examines the consequences for the property market and the responses of the planning system and institutional property investors that have traditionally viewed property as a long-term investment medium. The analysis begins by considering the context of urban economic change. The heart of the research examines the changing structure of property portfolios and the development of investment markets for these new property forms. The pace of urban change is shown to be slowed by property investment responses.
... http://usj.sagepub.com/content/39/3/549 The online version of this article can be found at: D... more ... http://usj.sagepub.com/content/39/3/549 The online version of this article can be found at: DOI: 10.1080/00420980220112829 2002 39: 549 Urban Stud Colin Jones The Definition of Housing Market Areas and Strategic Planning Published by: ... Strategic Planning Colin Jones ...
Purpose – This paper aims to examine the reasons for the rise and fall of the UK high street shop... more Purpose – This paper aims to examine the reasons for the rise and fall of the UK high street shop as an investment class for financial institutions. Design/methodology/approach – The paper begins by tracing the scale of investment by financial institutions in shops and the reasons for their historic popularity. The next sections review the changes in retailing and the
ABSTRACT The year 2006 marks the drawing down of the final curtain for Enterprise Zones (EZs) in ... more ABSTRACT The year 2006 marks the drawing down of the final curtain for Enterprise Zones (EZs) in the United Kingdom. EZs were originally announced in 1980 as experiments to stimulate free enterprise and set up in areas that had suffered significant employment loss. In each EZ there was a reduction in bureaucratic rules, in which minimal planning was the centrefold, and tax incentives aimed at property occupation and development. This paper charts the development of the EZ programme in Britain and provides a critical assessment of their operation and legacy. The legacy of EZs, it is argued, is not in the promotion of free enterprise but in rethinking planning and the use of tax incentives to address urban regeneration, notably through the creation of 2000 Enterprise areas in deprived wards.
... Lemma 4: A private rented sector with large commercial landlords is a beneficial platform for... more ... Lemma 4: A private rented sector with large commercial landlords is a beneficial platform for the development of REITs ... unit rental properties, they own less than 60% of properties with 549 units and less than 20% of properties with 50 or more units (Obrinsky and Meron, 200235 ...
Although there is a vast literature examining the structure and operation of urban housing market... more Although there is a vast literature examining the structure and operation of urban housing markets, analysis of the temporal properties of submarket structures and prices have been rare. As such, our understanding of the dynamics of submarket structures is limited. In this paper, we set out to a method for analysing submarket price changes. We construct repeat sales indices for six submarkets within Glasgow, Scotland for the period from 1984 to 1997. We use these indices to examine the trends in submarket prices and to consider whether price diffentials have been eroded over time. Using cointegration analysis, the empirical part of the paper shows that submarket-specific price differences persist over time and that a relatively stable submarket structure persists throughout the study period 1.
Purpose – The objective of this paper is to re-appraise intra-urban rent models in the context of... more Purpose – The objective of this paper is to re-appraise intra-urban rent models in the context of a multi-nodal landscape. Primarily, the study focuses on the early work of Alonso and, more recently, Di Pasquale and Wheaton. Although the latter use a more sophisticated approach, both models lead to similar outputs, notably a declining rent gradient from the central business district (CBD). However, throughout the twentieth century there has been a considerable process of urban industrial change. Di Pasquale and Wheaton recognise this and argue that this has led to an almost flat industrial rent gradient. Design/methodology/approach – To assess the current impact on industrial rents a hedonic rent regression model is applied which enables us to standardise for property characteristics. Findings – The results support the hypothesis that the rent gradient from the CBD for a large city is still downward-sloping, albeit very shallow. More interesting is the significance of proximity to m...
International Journal of Housing Markets and Analysis
Purpose – The purpose of this paper is to address both the measurement of affordability and varia... more Purpose – The purpose of this paper is to address both the measurement of affordability and variations in affordability between local housing market areas (HMAs). Design/methodology/approach – The practical data issues that arise from measuring local affordability are reviewed by reference to studies in the UK. The paper argues that local measures should relate to a functional geography of HMAs rather than simply local authority boundaries. This approach is shown to be more theoretically sound but faces data constraints. An empirical case study of the North West of England then follows as a demonstration based on a tiered geography of HMAs. It addresses the constraints on local income data by measuring affordability by reference to a particular household type and associated income. Findings – Local UK affordability indicators are shown to be primarily about access to home ownership rather than a wider view of local house price structures on affordability. The paper also draws out th...
Analysis of local office markets to date has normally assumed a unitary market which implies that... more Analysis of local office markets to date has normally assumed a unitary market which implies that the prices of office attributes remain spatially constant across the entire market. This paper challenges that basic presumption, and its objective is to test for the existence of office market segmentation. It draws on the housing literature on submarkets, and discusses the potential reasons for their occurrence in the office market. An empirical study to test for submarkets is undertaken for Glasgow city centre as a typical UK provincial city. Submarkets are defined and tested using both a priori and statistical methods. The empirical analysis applies established statistical tests, based on hedonic regression models derived from housing research, to rental and characteristics data for individual offices let over two years. It is concluded from this study that the Glasgow office market consists of a set of submarkets. A priori submarket definitions based upon real estate agents' vi...
This paper develops a tiered geography of local housing market areas (HMAs) that provides a natio... more This paper develops a tiered geography of local housing market areas (HMAs) that provides a national framework for spatial planning. It is derived from a theoretical understanding of the economic basis of HMAs. The analysis explores the relationships between the tiers of the HMA geography and local labour market areas. Drawing on this understanding, the empirical research generates sets of different potential geographies of HMAs for England based on an algorithm that applies criteria linked to the degree of closure of migration and/or commuting patterns. A range of theoretically appropriate criteria then enable the different geographies to be assessed. The choice of geography is guided by Chow tests of statistical differences in standardised house prices in neighbouring HMAs derived from hedonic regressions. Finally, conclusions are drawn on the validity of the approach developed. The empirical work is on England and datasets drawn from the Census and Land Registry.
Council tax was introduced in Britain in 1993 and represents a unique international property tax.... more Council tax was introduced in Britain in 1993 and represents a unique international property tax. There is a growing belief that it is time to reform the number and structure of council tax bands, but such views have a minimal empirical base. This paper sets out to assess the impact of changing the bands on personal and local government finances, and extends the analysis to the role of the tax multipliers linked to each band. The research is based on the experience of a representative sample of local authorities in Scotland. A statistical revaluation for 2000 is estimated for the existing eight-band system, and from this base a 10-band system is calculated. Financial implications are then simulated for each local authority, taking account of central resource equalisation mechanisms. The results indicate that increases in the number of bands will have little impact on the burden of the council tax compared with regular revaluations. Changing the tax multiplier range has the greatest ...
The arguments for sustainable cities are primarily couched in environmental and social rather tha... more The arguments for sustainable cities are primarily couched in environmental and social rather than economic terms. Nevertheless the economics of cities is a central aspect of sustainability and a number of authors have endeavoured to incorporate economic arguments into the debate about cities. Lynch (1981), for example, preempts the Brundtland definition of sustainable development in the context of the urban economy. He sees the sustainability problem being one of enabling the urban economy to exist long into the future, whilst keeping resource use within levels that allow the earth’s finite resources to provide indefinitely, alongside social equity. Inevitably with economics there has not been a consensus.
M o n ito rin g th e L o n g e r Te rm Im p a c t o f C h o ic e B a se d L e ttin g s D C L G ..... more M o n ito rin g th e L o n g e r Te rm Im p a c t o f C h o ic e B a se d L e ttin g s D C L G ... Hal Pawson, Colin Jones, Tony Donohoe, Gina Netto, Cathie Fancy (School of the Built Environment, Heriot Watt University) ... Sue Clegg, Andrew Thomas (British Market ...
Purpose ‐ The purpose of this paper is to review the management of the (accessible) social housin... more Purpose ‐ The purpose of this paper is to review the management of the (accessible) social housing stock as a means to achieve a cost effective solution to meeting the needs of an ageing population. The paper examines the costs and effectiveness of an accessible housing register (AHR) as the primary means social landlords have to utilise accessible housing stock efficiently. Design/methodology/approach ‐ The paper examines the cost effectiveness of the most advanced AHR in the UK. The data for the study was collected in 2009 (costs/expenditure quoted relate to that year) and is derived from a combination of interrogating computerised allocation records and the collection of information on costs through interviews with local authority staff. Findings ‐ The concept of an AHR can involve substantial set up costs. The financial analysis to assess their cost effectiveness proves complex but suggests that an efficient full register could be more than justified in these terms if it led to ...
ABSTRACT The paper discusses the long-term relationship between property investment and urban eco... more ABSTRACT The paper discusses the long-term relationship between property investment and urban economic change which is in turn the consequence of changing transport and industrial technologies. This is exemplified by the decentralisation of economic activities and population suburbanisation that has transformed the spatial structure of cities in the UK over the past 30 years. As part of this process, new property forms have evolved including retail parks and office parks. The paper examines the consequences for the property market and the responses of the planning system and institutional property investors that have traditionally viewed property as a long-term investment medium. The analysis begins by considering the context of urban economic change. The heart of the research examines the changing structure of property portfolios and the development of investment markets for these new property forms. The pace of urban change is shown to be slowed by property investment responses.
... http://usj.sagepub.com/content/39/3/549 The online version of this article can be found at: D... more ... http://usj.sagepub.com/content/39/3/549 The online version of this article can be found at: DOI: 10.1080/00420980220112829 2002 39: 549 Urban Stud Colin Jones The Definition of Housing Market Areas and Strategic Planning Published by: ... Strategic Planning Colin Jones ...
Purpose – This paper aims to examine the reasons for the rise and fall of the UK high street shop... more Purpose – This paper aims to examine the reasons for the rise and fall of the UK high street shop as an investment class for financial institutions. Design/methodology/approach – The paper begins by tracing the scale of investment by financial institutions in shops and the reasons for their historic popularity. The next sections review the changes in retailing and the
ABSTRACT The year 2006 marks the drawing down of the final curtain for Enterprise Zones (EZs) in ... more ABSTRACT The year 2006 marks the drawing down of the final curtain for Enterprise Zones (EZs) in the United Kingdom. EZs were originally announced in 1980 as experiments to stimulate free enterprise and set up in areas that had suffered significant employment loss. In each EZ there was a reduction in bureaucratic rules, in which minimal planning was the centrefold, and tax incentives aimed at property occupation and development. This paper charts the development of the EZ programme in Britain and provides a critical assessment of their operation and legacy. The legacy of EZs, it is argued, is not in the promotion of free enterprise but in rethinking planning and the use of tax incentives to address urban regeneration, notably through the creation of 2000 Enterprise areas in deprived wards.
... Lemma 4: A private rented sector with large commercial landlords is a beneficial platform for... more ... Lemma 4: A private rented sector with large commercial landlords is a beneficial platform for the development of REITs ... unit rental properties, they own less than 60% of properties with 549 units and less than 20% of properties with 50 or more units (Obrinsky and Meron, 200235 ...
Although there is a vast literature examining the structure and operation of urban housing market... more Although there is a vast literature examining the structure and operation of urban housing markets, analysis of the temporal properties of submarket structures and prices have been rare. As such, our understanding of the dynamics of submarket structures is limited. In this paper, we set out to a method for analysing submarket price changes. We construct repeat sales indices for six submarkets within Glasgow, Scotland for the period from 1984 to 1997. We use these indices to examine the trends in submarket prices and to consider whether price diffentials have been eroded over time. Using cointegration analysis, the empirical part of the paper shows that submarket-specific price differences persist over time and that a relatively stable submarket structure persists throughout the study period 1.
Purpose – The objective of this paper is to re-appraise intra-urban rent models in the context of... more Purpose – The objective of this paper is to re-appraise intra-urban rent models in the context of a multi-nodal landscape. Primarily, the study focuses on the early work of Alonso and, more recently, Di Pasquale and Wheaton. Although the latter use a more sophisticated approach, both models lead to similar outputs, notably a declining rent gradient from the central business district (CBD). However, throughout the twentieth century there has been a considerable process of urban industrial change. Di Pasquale and Wheaton recognise this and argue that this has led to an almost flat industrial rent gradient. Design/methodology/approach – To assess the current impact on industrial rents a hedonic rent regression model is applied which enables us to standardise for property characteristics. Findings – The results support the hypothesis that the rent gradient from the CBD for a large city is still downward-sloping, albeit very shallow. More interesting is the significance of proximity to m...
International Journal of Housing Markets and Analysis
Purpose – The purpose of this paper is to address both the measurement of affordability and varia... more Purpose – The purpose of this paper is to address both the measurement of affordability and variations in affordability between local housing market areas (HMAs). Design/methodology/approach – The practical data issues that arise from measuring local affordability are reviewed by reference to studies in the UK. The paper argues that local measures should relate to a functional geography of HMAs rather than simply local authority boundaries. This approach is shown to be more theoretically sound but faces data constraints. An empirical case study of the North West of England then follows as a demonstration based on a tiered geography of HMAs. It addresses the constraints on local income data by measuring affordability by reference to a particular household type and associated income. Findings – Local UK affordability indicators are shown to be primarily about access to home ownership rather than a wider view of local house price structures on affordability. The paper also draws out th...
Analysis of local office markets to date has normally assumed a unitary market which implies that... more Analysis of local office markets to date has normally assumed a unitary market which implies that the prices of office attributes remain spatially constant across the entire market. This paper challenges that basic presumption, and its objective is to test for the existence of office market segmentation. It draws on the housing literature on submarkets, and discusses the potential reasons for their occurrence in the office market. An empirical study to test for submarkets is undertaken for Glasgow city centre as a typical UK provincial city. Submarkets are defined and tested using both a priori and statistical methods. The empirical analysis applies established statistical tests, based on hedonic regression models derived from housing research, to rental and characteristics data for individual offices let over two years. It is concluded from this study that the Glasgow office market consists of a set of submarkets. A priori submarket definitions based upon real estate agents' vi...
This paper develops a tiered geography of local housing market areas (HMAs) that provides a natio... more This paper develops a tiered geography of local housing market areas (HMAs) that provides a national framework for spatial planning. It is derived from a theoretical understanding of the economic basis of HMAs. The analysis explores the relationships between the tiers of the HMA geography and local labour market areas. Drawing on this understanding, the empirical research generates sets of different potential geographies of HMAs for England based on an algorithm that applies criteria linked to the degree of closure of migration and/or commuting patterns. A range of theoretically appropriate criteria then enable the different geographies to be assessed. The choice of geography is guided by Chow tests of statistical differences in standardised house prices in neighbouring HMAs derived from hedonic regressions. Finally, conclusions are drawn on the validity of the approach developed. The empirical work is on England and datasets drawn from the Census and Land Registry.
Council tax was introduced in Britain in 1993 and represents a unique international property tax.... more Council tax was introduced in Britain in 1993 and represents a unique international property tax. There is a growing belief that it is time to reform the number and structure of council tax bands, but such views have a minimal empirical base. This paper sets out to assess the impact of changing the bands on personal and local government finances, and extends the analysis to the role of the tax multipliers linked to each band. The research is based on the experience of a representative sample of local authorities in Scotland. A statistical revaluation for 2000 is estimated for the existing eight-band system, and from this base a 10-band system is calculated. Financial implications are then simulated for each local authority, taking account of central resource equalisation mechanisms. The results indicate that increases in the number of bands will have little impact on the burden of the council tax compared with regular revaluations. Changing the tax multiplier range has the greatest ...
The arguments for sustainable cities are primarily couched in environmental and social rather tha... more The arguments for sustainable cities are primarily couched in environmental and social rather than economic terms. Nevertheless the economics of cities is a central aspect of sustainability and a number of authors have endeavoured to incorporate economic arguments into the debate about cities. Lynch (1981), for example, preempts the Brundtland definition of sustainable development in the context of the urban economy. He sees the sustainability problem being one of enabling the urban economy to exist long into the future, whilst keeping resource use within levels that allow the earth’s finite resources to provide indefinitely, alongside social equity. Inevitably with economics there has not been a consensus.
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