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

Author

Listed:
  • Neil Crosby

    (University of Reading, UK)

  • John Henneberry

    (University of Sheffield, UK)

Abstract

The financialisation literature has been criticised for its limited empirical base and its failure adequately to link the everyday world with that of high finance. The paper addresses these shortcomings by examining the calculative practice of property valuation. The way that valuations are performed affects their results and, therefore, the operation of the property market. The paper traces the evolving influence of finance capital on the valuation of commercial property in the UK by constructing a historiography of investment valuation since 1960. Traditional approaches to valuation have been increasingly challenged by those derived from financial economics. However, the former remains the dominant method for undertaking market valuation. Its grounding in comparison – a centring and standardising process – offers an explanation for some of the changes in the urban built environment that are ascribed to financialisation. This suggests that a more detailed and historically sensitive interpretation of financialisation is required.

Suggested Citation

  • Neil Crosby & John Henneberry, 2016. "Financialisation, the valuation of investment property and the urban built environment in the UK," Urban Studies, Urban Studies Journal Limited, vol. 53(7), pages 1424-1441, May.
    • Handle: RePEc:sae:urbstu:v:53:y:2016:i:7:p:1424-1441
    DOI: 10.1177/0042098015583229
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    References listed on IDEAS

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    Cited by:

    1. Antoine Guironnet & Ludovic Halbert, 2016. "Book review : Rachel Weber (2015) From Boom to Bubble. How Finance Built The New Chicago," Post-Print hal-01336517, HAL.
    2. Antoine Guironnet & Ludovic Halbert, 2016. "Book review : Rachel Weber (2015) From Boom to Bubble. How Finance Built The New Chicago," Working Papers hal-01336517, HAL.

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