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Valuing the environmental benefits of canals and canal restoration using house prices

Gibbons, Stephen, Peng, Cong and Tang, Cheng Keat (2021) Valuing the environmental benefits of canals and canal restoration using house prices. Land Economics, 97 (4). 858 - 874. ISSN 0023-7639

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Identification Number: 10.3368/le.97.4.031420-0038R1

Abstract

This article values the environmental benefits of historic, navigable canals using property values. We improve on standard methods by controlling for microgeographic fixed effects and applying a difference-in-differences method to canal restoration. We find a localized price premium within 100 m, around 5% before the 2008 recession, dropping to 3.4% by 2016. These effects are driven by urban canal-side properties with a direct outlook on the canals or immediate access. These locations are also attractive for developers, with a higher proportion of new-build sales. Our estimates suggest that canals generate land value uplift of £0.8–£0.9 billion in England.

Item Type: Article
Official URL: https://uwpress.wisc.edu/journals/journals/le.html
Additional Information: © 2021 The Authors
Divisions: Geography & Environment
Subjects: G Geography. Anthropology. Recreation > GE Environmental Sciences
H Social Sciences > HD Industries. Land use. Labor
JEL classification: Q - Agricultural and Natural Resource Economics; Environmental and Ecological Economics > Q5 - Environmental Economics > Q51 - Valuation of Environmental Effects
Date Deposited: 17 Dec 2020 10:30
Last Modified: 11 Jul 2022 10:09
URI: http://eprints.lse.ac.uk/id/eprint/107931

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