Planning, Public Policy and Property Markets

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 . 1 Examining 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 . . 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 . . 6. Estimating the Impact of Planning on Commercial Property Markets . 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 . . 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 . . . . . . . . . . . . . . . . . . . . . . References. Index

David Adams – Ian Mactaggart Chair of Property and Urban Studies, University of Glasgow

Craig Watkins – Reader, Department of Town and Regional Planning, University of Sheffield

Michael White – Lecturer: researching the interaction between policy and property markets; economic analysis of property, University of Aberdeen

"I found this a very clear and readable book, well categorised into different aspects of the topic ... [It] should help advance understanding of how the state and the market interact, and thereby improve the effectiveness of the state s actions when seeking to influence market outcomes." Planning in London<!––end––>

"It is the breadth of approaches and topics that marks the book′s distinctive contribution." Housing Studies

"This is a an interesting study and a valuable addition to the literature on property markets." European Spatial Research and Policy Vol. 13, No. 1

"It is a profoundly thought–over study which introduces new insights into not always acknowledged reflections on spatial organisation."
European Spatial Research and Policy Vol. 13, No. 2