Financialisation, the valuation of investment property and the urban built environment in the UK

Crosby, Neil; Henneberry, John

doi:10.1177/0042098015583229

Cited by 75 publications

(66 citation statements)

References 55 publications

(85 reference statements)

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“…The overall strategy of financialization was accomplished by means of comprehensive income-generating securities or collateralized mortgage obligations (CMOs) such as mortgaged-backed securities (MBS) and structured investment vehicles (SIVs) based on the aggregation of large numbers of individual mortgages into massive investment pools (Gothan 2012;O'Neil, 2018). The new-found ability to securitize real-estate debt in this way offered enormous windfall profits to financial institutions, including global giants like Bear Sterns, Lehman Brothers, Merrill Lynch, J.P. Morgan, and Wachovia (Crosby and Henneberry, 2016). Institutions like these, in partnership with commercial banks, issued commercial paper that in effect shifted money from the international financial system down to individual real estate purchasers and then transferred the concomitant interest payments back up to holders (many of them insurance companies and large pension funds) of the paper.…”

Section: Real-estate Markets and Financementioning

confidence: 99%

Land Redevelopment and the Built Environment in Third-Wave Cities: Review and Synthesis

Scott

2018

Journal of Urban Technology

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I seek to synthesize several different approaches to issues of urban land redevelopment and the built environment. The essay focuses on developments in the third and current historical wave of capitalist development. I describe the economic logic of land-use change with reference to both commercial and residential property. This logic has become intimately intertwined with global finance and this state of affairs has introduced new elements of fluidity and risk into the built environment. Issues of urban policy and the role of municipal authorities in shaping urban land markets are then considered. I describe how local government agencies increasingly pursue development projects in complex partnerships with representatives of the real-estate industry. In the second half of the paper, the overall argument is recast by reference to three important trends in regard to landredevelopment and the built environment in third-wave cities, namely, the economic and architectural renaissance of central business districts, the widespread gentrification of inner-city neighborhoods, and the emergence of a new post-suburban phase of peripheral urban expansion. KEYWORDS Built environment; financialization; land-use change; third-wave cities; urban redevelopment Urban Land and Property in Question This paper takes the form of an extended essay in which I seek to synthesize several different approaches to questions of land redevelopment and the built environment in contemporary cities. My objective is to bring these approaches into juxtaposition with one another so as to shed fresh light on the ways in which they operate, their relations to the functional structure of the city, and how they are currently reshaping patterns of urban development. A complex scientific and political question about the valuation, appropriation, and use of urban land and property emerges endemically within cities in capitalist society (Roweis and Scott, 1978). The substance of this question can be discerned within the phenomenon of the urban land nexus conceived as a mass of functionally interdependent assets such as factories, offices, houses, shopping facilities, public buildings, infrastructures, and so on, arranged in conjoint spatial patterns around a common center of gravity (Scott, 1980; Scott and Storper, 2015). Complex processes of redevelopment, piloted by intermediaries

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Section: Real-estate Markets and Financementioning

confidence: 99%

Land Redevelopment and the Built Environment in Third-Wave Cities: Review and Synthesis

Scott

2018

Journal of Urban Technology

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“…Having followed up the evolutionary effect that the financial capital has upon on the commercial property valuation in the UK through preparing a historiography of the investment cost measurement beginning from 1960, thus supporting views of Crosby and Henneberry (2016), it has been found that in consideration of fair value measurement weaknesses the traditional valuation method still prevails for measurement of the market value (Crosby & Henneberry, 2016).…”

Section: Cushman and Wakefield's Quarterly Europeanmentioning

confidence: 80%

Methodological approaches to investment property valuation

Фоміна

Moshkovskа

Prokopova

et al. 2018

Investment Management and Financial Innovations

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Increase in number of the investment property items available in both domestic and international markets, present-day European integration processes, as well as existing differences in statutory provisions in force (controversial essentials of the investment property identification as an asset and ambiguity of implementation of the methodological approaches to the investment property valuation) have stipulated the need for improvement of the hierarchy of the investment property item fair value recognition and measurement criteria. Proposed identification methods will contribute into amplification of the synergy effect of the investment property item accounting and management due to improvement of quality and fairness of the information data on certain assets of the establishment. Methodology for the investment property valuation and changed value reporting format were worked out based upon critical analysis of the scientific professionals’ main approaches to the investment property fair value measurement as provided for by statutory requirements to disclosure of the asset related information. Findings made and recommendations worked out on consideration of the harmonized indicator system implementation have thereafter found the practical use in the investment property item management efficiency assessment model.

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“…The growth of calculative practices, which are based on rationalist paradigms of mainstream financial economic methods, are being gradually incorporated into a broad range of public policies. As a result, traditional approaches to the valuation of programmes and assets are being increasingly challenged and affected by financial economics (Christophers, 2017;Crosby and Henneberry, 2016). Financialisation is having an ever-stronger impact on the determination of 'what should' and 'should not' be considered during the processes of valuation (Halbert and Attuyer, 2016).…”

Section: The Financialisation Of Local Government and The Rise Of Viamentioning

confidence: 99%

Urban development, small business communities and the entrepreneurialisation of English local government

Raco¹,

Souza²

2018

Town Planning Review

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The paper draws on in-depth research on the impacts of urban regeneration programmes on small business communities in Haringey, London. It uses the Haringey case to document and describe the rolling-out of more entrepreneurial forms of delivery-based urban policy and planning. It explores the relationships between: austerity and local government finance; recent reforms to the planning system and the implementation of delivery-based, housing-focused urban regeneration programmes; and the types of urban built environments that are now emerging in cities. The discussion uses the example of small business communities to assess the impacts that contemporary planning interventions have on the form and character of urban economic development. It concludes by highlighting some of the broader implications for the planning of diverse cities and outlines future directions for research and analysis.

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Financialisation, the valuation of investment property and the urban built environment in the UK

Cited by 75 publications

References 55 publications

Land Redevelopment and the Built Environment in Third-Wave Cities: Review and Synthesis

Land Redevelopment and the Built Environment in Third-Wave Cities: Review and Synthesis

Methodological approaches to investment property valuation

Urban development, small business communities and the entrepreneurialisation of English local government

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