IDEAS home Printed from https://ideas.repec.org/a/taf/jpropr/v22y2005i2-3p225-244.html
   My bibliography  Save this article

Unpriced Regulatory Risk and the Competition of Rules: Unconsidered Implications of Land Use Planning

Author

Listed:
  • Paul Cheshire

Abstract

This paper argues that over the past 40 years land use regulation has created much of the financial value and, therefore, returns, in real estate in many countries, although most clearly in the UK. The evidence for this claim is best documented in the context of residential property but the circumstantial evidence that, in the UK at least, land use planning has similarly inflated commercial real estate values is powerful. Moreover, because of the wider economic impacts this regulation is increasingly having, there is a significant possibility of future deregulation. This would have a substantial impact on both capital values and rents of all classes of real estate but most especially residential and retail. This constitutes a significant risk for real estate as an asset class and, moreover, it is a risk of which real estate professionals appear unaware and is, therefore, unpriced.

Suggested Citation

  • Paul Cheshire, 2005. "Unpriced Regulatory Risk and the Competition of Rules: Unconsidered Implications of Land Use Planning," Journal of Property Research, Taylor & Francis Journals, vol. 22(2-3), pages 225-244, October.
    • Handle: RePEc:taf:jpropr:v:22:y:2005:i:2-3:p:225-244
    DOI: 10.1080/09599910500453863
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/09599910500453863
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/09599910500453863?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Paul C. Cheshire & Christian A. L. Hilber, 2008. "Office Space Supply Restrictions in Britain: The Political Economy of Market Revenge," Economic Journal, Royal Economic Society, vol. 118(529), pages 185-221, June.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:jpropr:v:22:y:2005:i:2-3:p:225-244. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/RJPR20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.