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

Gibbons, Stephen, Peng, Cong and Tang, Cheng Keat (2020) Valuing the environmental benefits of canals and canal restoration using house prices. Land Economics. ISSN 0023-7639 (In Press)

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Abstract

This paper values the local environmental benefits of historic, navigable canals using property values. We employ regressions on high-volume transaction data, controlling for micro-geographic fixed effects, and cross-check these estimates against a causal, difference-in-differences analysis of a local canal restoration project. We find a price premium within 100 m, suggesting benefits for canal-side properties with a direct outlook or immediate access, around 5% before the 2008 recession, falling to 3.4% by 2016. These locations have a higher proportion of new-build sales, suggesting they attract developers. Our calculations imply canals generate land value uplift of £0.8-0.9 billion in England and Wales.

Item Type: Article
Official URL: https://uwpress.wisc.edu/journals/journals/le.html
Additional Information: © 2020 The Authors
Divisions: Geography & Environment
Subjects: G Geography. Anthropology. Recreation > GE Environmental Sciences
H Social Sciences > HD Industries. Land use. Labor
Date Deposited: 17 Dec 2020 10:30
Last Modified: 01 Jul 2021 23:17
URI: http://eprints.lse.ac.uk/id/eprint/107931

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