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

Gibbons, Stephen ORCID: 0000-0002-2871-8562, 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: 08 Feb 2024 18:54
URI: http://eprints.lse.ac.uk/id/eprint/107931

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