The benefits of living or working in one place rather than another are often partially offset by the costs of locating in 'advantaged' places. Land and real estate markets are where these costs are worked out – and where policy may play important influencing roles.
Housing costs and price volatility differ considerably across the UK but little is known about the extent to which housing supply constraints – both physical limits and regulation – contribute to these differences. We are exploring these issues from a number of angles, including linking measures of planning restrictiveness to house prices; estimating a 'regulatory tax'; and using satellite imagery to look at connections between the physical landscape, economic variables and house prices.
Another important area for research is the economic impact of land use planning, particularly for 'land-hungry' sectors such as manufacturing and retail. Planning rules such as town centre first aim to raise levels of economic activity in town centres, reduce travel and energy costs, and help poorer people without cars. But they may also depress retail productivity growth, reduce competition and raise prices – thus potentially raising travel and energy costs, as well as hurting household incomes.
SERC is estimating the impact on retail location and the costs of space planning policies have had and the resulting productivity effects. Working with the Grantham Institute, we are also investigating whether town centre first policies reduce the overall carbon footprint of retail – using rich new datasets on shopping patterns, gas emissions and store energy use.
Discussion papersListed most recent first
Regulating Housing Vacancies Away? The Paradoxical Effects of Mismatch
Paul Cheshire, Christian A. L. Hilber, Hans R. A. Koster, July 2015
The Vertical City: The Price of Land and the Height of Buildings in Chicago 1870-2010
Gabriel M. Ahlfeldt, Daniel P. McMillen, July 2015
Distinctively Different: A New Approach to Valuing Architectural Amenities
Gabriel M. Ahlfeldt, Nancy Holman, February 2015
The Time Value of Housing: Historical Evidence from London Residential Leases
Philippe Bracke, Ted Pinchbeck, James Wyatt, December 2014
Local Economic Conditions and the Nature of New Housing Supply
Christian A. L. Hilber, Jan Rouwendal, Wouter Vermeulen, August 2014
Asymptotic Properties of Imputed Hedonic Price Indices
Olivier Schöni, October 2014
Land Use Regulation and Productivity - Land Matters: Evidence from a UK Supermarket Chain
House Prices and Rents: Micro Evidence from a Matched Dataset in Central London
Rocketing RentsThe magnitude and attenuation of agglomeration economies in the commercial property market
The Impact of Supply Constraints on House Prices in England
Does Public Investment Spur the Land Market?: Evidence from Transport Improvement in Beijing
The Effect of the UK Stamp Duty Land Tax on Household Mobility
Do Homeowners Benefit Urban Neighborhoods? Evidence from Housing Prices
Homeownership and Entrepreneurship
A Note on the Value of Foregone Open Space in Sprawling Cities
External Benefits of Brownfield Redevelopment: An Applied Urban General Equilibrium Analysis
Agglomeration Externalities and Urban Growth Controls
The Economic Implications of House Price Capitalization. A Survey of an Emerging Literature
Form or Function? The Impact of New Football Stadia on Property Prices in London
Is the Sky the Limit? An Analysis of High-Rise Office Buildings
A Spatial Analysis of Airport Effects
Valuing Iconic Design: Frank Lloyd Wright Architecture in Oak Park, Illinois
Evaluating the Effects of Planning Policies on the Retail Sector: Or do Town Centre First Policies Deliver the Goods?
Modelling and Forecasting UK Mortgage Arrears and Possessions
Housing Markets and the Financial Crisis of 2007-2009: Lessons for the Future
On the Origins of Land Use Regulations: Theory and Evidence from US Metro Areas
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