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Exploring issues in calculating robust estimates for discount rates of leasehold relativities within Central London

Author

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  • James Culley
  • Mark Andrew

Abstract

Recent tribunal decisions upon the use of hedonic models for assessing the extent of the price impact on dwellings due to the length of unexpired lease term have pushed the topic into the spotlight once again. A major focus of this study will be testing the robustness of the lease dummy approach, as this is the method currently finding itself increasingly adopted/accepted in the industry in explaining relativities. Within this analysis we will examine whether the differing geographical constraints of sample properties that constitute traditional graphs of relativity could lead to the differing levels of relativities produced by those graphs. Our study will cover issues that we have found on data quality, model constraints and the impact of factors such as alternate methods of incorporating locational constraints have on the calculation of leasehold enfranchisement relativities within the London residential market.

Suggested Citation

  • James Culley & Mark Andrew, 2018. "Exploring issues in calculating robust estimates for discount rates of leasehold relativities within Central London," ERES eres2018_206, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2018_206
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    More about this item

    Keywords

    Hedonic; Spatial Analysis; Tenure;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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