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Towards Financial Risk and Housing Policy Trends

Towards Financial Risk and Housing Policy Trends

Institutions providing access to housing in all tenures have become further entrenched and exposed to financial risk. Literature on housing policy trends and financial risk cover drivers such as liberalisation monetary approaches, innovation, political commitment, and asset management. A conceptual model is put forward for framing housing policy trends that engage with financial risk (what […]

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Resilience and housing markets: Who is it really for?

Resilience and housing markets: Who is it really for?

Ten years after the Global Financial Crisis, this research examines how resilience theory and rhetoric relating to the economy and housing markets has been translated into policy and practice. The methodology involves a case study of a city (Auckland) with a nationally dominant housing market and high unaffordability. Via secondary literature and a series of interviews we analyse questions connected to resilience […]

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Central Otago Lakes has now Surpassed Auckland as the Most Unaffordable Region in New Zealand

Central Otago Lakes has now Surpassed Auckland as the Most Unaffordable Region in New Zealand

The Massey Home Affordability Index takes into account the cost of borrowing as well as house prices and wage levels. This March quarter has seen an improvement in national affordability driven mainly by the fall in house price levels in seven regions. Overall, home affordability improved by 7.0% in this quarter with some improvement in […]

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Financing infrastructure development: time to unshackle the bonds?

Financing infrastructure development: time to unshackle the bonds?

It is important to consider the merits of using projects bonds to finance infrastructure investment projects – in particular, the pricing of such bonds and the level of risk premium demanded by the market. In investigating the use and pricing of project bonds, this research used a mix of qualitative and quantitative methods. In addition to secondary desk-based study, […]

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Innovative real estate development finance – evidence from Europe

Innovative real estate development finance – evidence from Europe

                This research provides an insight into large-scale real estate projects in Europe and how they are using a more innovative blend of finance. The methodology involved a mix of desk-based study, interviews and case studies. Interviews were held with financiers, policymakers, developers, investors, fund managers and academics. […]

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Boarded Terraces

Dysfunctional Neighbourhoods Exist: More Urban Regeneration Needed

                Neighbourhoods within area-based initiatives that are engaged with regeneration and renewal often experience difficulties of poverty, disadvantage and deprivation. Furthermore, the experience of function or dysfunction is also important when exploring neighbourhoods undergoing transformation. Functioning ‘norms’ could enable residents within particular neighbourhoods to have equal opportunities of […]

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The difference between property bonds and leases – and the consequences for healthcare.

                There are some 487,000 places in long-stay residential care and nursing homes in the UK representing an industry worth some £15.2 billion per annum. Creating leases with guaranteed rental uplifts, a property bond in all but name, now attracts significant investment into healthcare. This is argued to […]

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Innovative Development Finance in Europe

A critical review and analysis of innovative financial instruments for real estate development in Europe will be useful to EU and European national policy makers in public finance and real estate development. Case study examples from the UK, Germany and the Netherlands reveal any national nuances in innovative development finance. The examples chosen were the Battersea […]

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Tax Increment Financing

Lessons in finance bonding for affordable housing

Can finance bonding be centred more on affordable housing as well as infrastructure? Some interesting nuances and lessons can be drawn when using a Tax Increment Financing (TIF) model in San Francisco, especially given the abandonment of California’s redevelopment agencies (RDAs). If historically focusing on policy, the abolition of the RDAs in California may have inadvertently cut-off […]

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Is Building Heritage in Enterprise Zones The Latest Threat or Opportunity?

    In considering heritage for buildings within Enterprise Zones, the central premise has been focusing on economic growth, with less thought given to the wider structural and cultural implications. When looking at an illustrative case study of Bristol Temple Quarter Enterprise Zone, it appears that conflicts emerge between the objectives of the Enterprise Zone scheme and those of heritage protection, indicating […]

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Returning to Rousseau – Is there a Contract Between Citizen and State?

          New forms of governance, conditional approaches to public service access, and initiatives to engage citizens in taking on new responsibilities are being developed in the context of the scaling down of the welfare state. The extent to which collaboration and multidirectional accountability can be developed between the state and citizens. […]

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RICS-Fulbright Report 1

Future financing cities through planning and development

It is important to improve understanding of how cities can be better financed to meet challenges over the short and long-term; be they economic, social and/or environmental. The lack of adequate basic urban services and infrastructure is a major challenge in the development of human settlements. With rapid urbanization, governments are increasingly having difficulties to meet […]

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My Book on – International Approaches to Real Estate Development

                            Squires, G. and Heurkens, E. (Eds) (2014). International Approaches to Real Estate Development. Routledge. An international approach to the study and teaching of real estate is increasingly important in today’s global market. With chapters covering numerous countries and every continent, International Approaches […]

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Urban water economics – putting a value, price, and cost on natural resources

Environmental resource issues involving water need to consider third-party external costs (and benefits) – water pollution being one example. Natural resource economics can be applied to this issue and set in the context of water production and consumption in urban areas. Furthermore, the price, value, and cost of zero priced or ‘free’ natural resources such as water generate many complex economic and […]

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Motivations for energy efficiency refurbishment

              The existing housing stock needs substantial adaptation to meet national and international carbon reduction targets. The largest proportion of housing is owner-occupied, and will require improvement works which go beyond those measures provided through incentive programmes. Therefore, the motivation of owner-occupiers to perform more substantial energy efficiency refurbishments is […]

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Gloucester Docks Redevelopment

Should developers pay for public goods and services ? The Community Infrastructure Levy (CIL)

If the public purse is being squeezed we should start thinking about whether private resources should be used to fund public goods and services. When we start to ‘follow the money’ the fuzzy boundaries of public and private begin to emerge. With the rollout of the Community Infrastructure Levy (CIL) administered by local authorities, this question […]

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Lessons need to be learned from Enterprise Zones and Empowerment Zones

  There is a need to learn lessons when using spatially targeted fiscal experiments if intervention is to generate wider developmental benefit. For Enterprise Zone concept in the UK (1981–2007) and an exported variant to the US, the Empowerment Zone programme (1993–2009) lessons can be drawn to inform the latest wave of Enterprise Zones in England (2011 to […]

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Do we need a prudential approach to financing urban development?

                  Th use of bonded financial mechanisms such as Tax Increment Financing (TIF) can lever renewal within a wider policy framework. In an era of low economic growth, straitened finance, and an increasing emphasis on the ‘local’, bonded finance over the long term could effectively smooth property market volatility that […]

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