Identifying Determinants of Residential Property Values in South London

Issue: 2011/1

Adam R. Corbin

Harper Adams University College, Newport, Shropshire, TF10 8NB, United Kingdom,

Daniel E. May

Harper Adams University College, Newport, Shropshire, TF10 8NB, United Kingdom,

Philip D. Hollins

Harper Adams University College, Newport, Shropshire, TF10 8NB, United Kingdom,

This paper advances the academic work conducted on identifying some of the determinants of residential property values in different countries. Such determinants might include positive factors such as access to amenities, or negative factors such as high voltage overhead transmission lines (HVOTL). The objective explored here is to extend this research in the UK by considering the particular case of residential property values in South London. A number of determinants is considered, grouped and a model which explains the effect of the determinants on value is produced. The elasticities between property values and the distances from different determinants were also analysed to help highlight relationships between the determinants and residential property values. The results showed a relationship between residential property values and the determinants, and a relationship between the determinants themselves.

DOI: 10.2478/v10135-011-0004-0
JEL: R32, R21
Keywords: modelling residential house price, house value, House characteristics, cross elasticities, amenity places

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