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Publication Detail
Valuing housing and green spaces:
Understanding local amenities, the built
environment and house prices in London
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Publication Type:Working discussion paper
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Authors:SMITH DA
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Publisher:GLA
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Publication date:2010
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Place of publication:London
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Report number:42
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Series:GLA Economics Working Papers
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Keyword:Housing market, greenspaces, London
Abstract
This report is an update of a previous GLA Economics study- ‘Valuing Greenness: Green
spaces, house prices and Londoners’ priorities’- published in 2003. The previous study used a
hedonic modelling approach to assess how the amount of green space within wards in
London affected house prices, whilst taking into consideration other influential factors such
as transportation accessibility and housing density. The hedonic pricing method is based on
the theory that the value of a good is based on the combination of the many attributes the
good possesses. In the case of housing this includes domestic facilities, access to services and
so on. The value of individual attributes can be inferred from the hedonic model, and thus it
is a useful method for estimating the value of attributes that influence house prices,
particularly where markets do not exist such as for green spaces. This research builds on the
original study with better green space data and a wider range of built environment and
locational factors analysed at a more detailed spatial scale.
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