The focus of this book is on how public policy - and especially the planning system - both shapes and reflects the essential characteristics of land and property markets. It challenges the common misconceptions that property markets operate in isolation from public policy and that planning permission is the only significant form of state intervention in the market.
Planning, Public Policy& Property Markets contends that effective state-market relations in land and property are critical to a prosperous economy and a robust democracy, especially at a time when development aims to be sustainable and environmental protection needs to be matched by urban and rural regeneration.
The book thus reflects an increased realisation among academics and practitioners of the importance of theoretical integration and joined-up policy-making. Its rounded perspective addresses a significant weakness in the academic literature and will encourage broader debate and a more pluralist agenda for property research.
Prominent contributors present important new research on different market sectors and policy arenas, including regeneration and renewal, housing growth, housing planning, transport and economic competitiveness, while the editors specifically draw out more general lessons on the dynamic nature of the state/property market relationship in a modern economy.
This book will encourage all those involved in property research who strive for theoretical and practical connectivity to demonstrate that, just as property market operations cannot be analysed without understanding state processes, policy decisions cannot be taken without an appreciation of how the market operates.
Preface.
Acknowledgements.
Contributors.
Abbreviations.
Part 1: Introduction.
1Examining Public Policy and Property Markets.
David Adams, Craig Watkins and Michael White
Introduction
The Scope of The Book
Property Research and Public Policy
Structure of the Book .
Part 2: Conceptualising Relationships.
2. Conceptualising State-Market Relations in Land and Property: The Mainstream Contribution of Neo-Classical and Welfare Economics.
David Adams, Neil Dunse and Michael White
Introduction
Insights on Supply, Demand and Public Policy from Neo-Classical Economics
Insights on Market Failure and Public Policy from Welfare Economics
Conclusions
Notes .
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3. Conceptualising State-Market Relations in Land and Property: The Growth of Institutionalism Extension or Challenge to Mainstream Economics?.
David Adams, Neil Dunse and Michael White
Introduction
The Institutional Framework for Land and Property Market Operations
New Institutional Economics
The Political Economy of Institutionalism
Uncertainty, Risk Containment and Confidence Building
Conclusions
Notes .
4. Planning Tools and Markets: Towards an Extended Conceptualisation.
Steve Tiesdell and Philip Allmendinger
Introduction
Understanding Planning
Mainstream Economics
The Political Economy of Institutionalism
A Typology of Planning Tools
Market Characteristics
Conclusions
Notes .
Part 3: Unravelling the Relationships.
Section 3.1: Modelling Relationships.
5. Modelling Local Housing Market Adjustment in England.
Glen Bramley and Chris Leishman
Introduction
Background
Datasets
Modelling Framework and Techniques
Estimation of Key Relationships
Policy Simulations
Conclusions
Appendix 5.1: Variable Definitions and Sources .
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6. Estimating the Impact of Planning on Commercial PropertyMarkets .
John Henneberry, Tony McGough and Fotis Mouzakis
Introduction
Model Development and Specification
Empirical Study and Results
Conclusions
Notes
Appendix 6.1: Results .
Section 3.2: Measurement Issues.
7. UK Roads Policy, Accessibility and Industrial Property Rents .
Neil Dunse and Colin Jones
Introduction
Roads Policy and the UK Motorway Network
Transport Infrastructure and the Spatial Economy
Measuring the Effect of Transport Investment
Hedonic Pricing Analysis and the Impact of the UK Motorway Network
Discussion and Policy Implications
Notes .
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8. Urban Regeneration, Property Indices and Market Performance.
Alastair Adair, Jim Berry, Ken Gibb, Norman Hutchison, Stanley McGreal and Craig Watkins
Introduction
The Urban Regeneration Policy Context
Data and Research Methods
Comparing Urban Regeneration and Prime Property Market Performance
The Total Returns Index
Conclusions .
Section 3.3: Surveys and Case Studies.
9. Planning for Consumers New-Build Housing Choices.
Chris Leishman and Fran Warren
Introduction
Planning and New-Build Housing
The New-Build Housing Choice Process
The Housing Preference Study
Overview of the Findings
Preferences and Satisfaction with Room Layouts and Features
Density and Variety on New-Build Housing Estates
Conclusions .
10. Planning Obligations and Affordable Housing.
Sarah Monk, Christina Short and Christine Whitehead
Introduction
The Research Context
Research Methods
How Much Affordable Housing is Being Provided? Government Evidence
How is s106 Operating? Evidence from Local Authorities
What is Happening on the Ground? Evidence from the Local Authority Case studies
Conclusions .
11. Reinforcing Commercial Competitiveness Through City Centre Renewal .
Gwyndaf Williams and Stuart Batho
Introduction
Urban Governance and the Entrepreneurial City Centre
The Local Governance and Development Context
Mobilising Regeneration Capacity: The Study Approach
Reinforcing Commercial Competitiveness
Commercial Impact of the Renewal Programme
Conclusions .
Section 4: Conclusions.
12. Planning, Public Policy and Property Markets: Current Relations and Future Challenges .
David Adams, Craig Watkins and Michael White
Introduction
What State Actors Could Learn About the Market
What Market Actors Could Learn About the State
The Evolving Research Agenda .
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References.
Index
