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The financialisation of housing land supply in England

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  • Quintin Bradley

Abstract

The aim of this article is to identify the calculative practices that turn urban development planning into the supply-side of land financialisation. My focus is on the statutory planning of housing supply and the accounting procedures, or market devices, that normalise the practices of land speculation in the earliest stage of the urban development process. I provide an analysis of the accountancy regime used by planning authorities in England to evidence a 5-year supply of housing land. Drawing on the work of Michel Callon on market framing, I assess the activities of economic agents in performing or ‘formatting’ this supply, its boundaries, externalities and rules of operation. I evidence the effect of this formatting in normalising the treatment of land as a financial asset and in orienting the statutory regulation of land supply to the provision of opportunities for the capture of increased ground rent at a cost to the delivery of new homes.

Suggested Citation

  • Quintin Bradley, 2021. "The financialisation of housing land supply in England," Urban Studies, Urban Studies Journal Limited, vol. 58(2), pages 389-404, February.
    • Handle: RePEc:sae:urbstu:v:58:y:2021:i:2:p:389-404
    DOI: 10.1177/0042098020907278
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    References listed on IDEAS

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    1. Pat McAllister & Emma Street & Pete Wyatt, 2016. "An empirical investigation of stalled residential sites in England," Planning Practice & Research, Taylor & Francis Journals, vol. 31(2), pages 132-153, March.
    2. Ryan-Collins, Josh & Lloyd, Toby & Macfarlane, Laurie, 2017. "Rethinking the Economics of Land and Housing," University of Chicago Press Economics Books, University of Chicago Press, number 9781786991195, Febrero.
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    5. Richard Waldron, 2019. "Financialization, Urban Governance and the Planning System: Utilizing ‘Development Viability’ as a Policy Narrative for the Liberalization of Ireland's Post‐Crash Planning System," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 43(4), pages 685-704, July.
    6. Michel Callon & Fabian Muniesa, 2005. "Economic markets as calculative collective devices," Post-Print halshs-00087477, HAL.
    7. Crook, Tony & Whitehead, Christine M E, 2019. "Capturing development value, principles and practice: why is it so difficult?," LSE Research Online Documents on Economics 101263, London School of Economics and Political Science, LSE Library.
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    Cited by:

    1. Antoine Paccoud & Markus Hesse & Tom Becker & Magdalena Górczyńska, 2022. "Land and the housing affordability crisis: landowner and developer strategies in Luxembourg’s facilitative planning context," Housing Studies, Taylor & Francis Journals, vol. 37(10), pages 1782-1799, October.
    2. Hannah Hasenberger, 2024. "What is local government financialisation? Four empirical channels to clarify the roles of local government," Urban Studies, Urban Studies Journal Limited, vol. 61(11), pages 2039-2059, August.
    3. Richardson, Benjamin Felix, 2022. "Finance, food, and future urban zones: The failure of flexible development in Auckland, New Zealand," Land Use Policy, Elsevier, vol. 119(C).
    4. Ke Wang & Jianjun Zhang & Wenhua Guo & Zhen Liu & Ze Xu, 2023. "A Perception and Judgement of Contributing Factors for Allocating Urban Residential Land: A Systematic Review and Statistical Analysis," Land, MDPI, vol. 12(1), pages 1-22, January.
    5. Quintin Bradley, 2022. "The accountancy of marketisation: Fictional markets in housing land supply," Environment and Planning A, , vol. 54(3), pages 493-507, May.
    6. Frances Brill, 2022. "Governing investors and developers: Analysing the role of risk allocation in urban development," Urban Studies, Urban Studies Journal Limited, vol. 59(7), pages 1499-1517, May.

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