Henneberry, J.M. and Crosby, N. (2015) Financialisation, the valuation of investment property and the urban built environment in the UK. Urban Studies. ISSN 1360-063X
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. Keywords financialisation, investment valuation, property market, urban built form
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © Urban Studies Journal Limited 2015. This is an author produced version of a paper subsequently published in Urban Studies. Uploaded in accordance with the publisher's self-archiving policy. |
Keywords: | financialisation; investment valuation; property market; urban built form |
Dates: |
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Institution: | The University of Sheffield |
Academic Units: | The University of Sheffield > Faculty of Social Sciences (Sheffield) > Department of Urban Studies & Planning (Sheffield) |
Depositing User: | Symplectic Sheffield |
Date Deposited: | 20 Oct 2015 11:56 |
Last Modified: | 23 Oct 2015 15:12 |
Published Version: | http://dx.doi.org/10.1177/0042098015583229 |
Status: | Published |
Publisher: | SAGE Publications |
Refereed: | Yes |
Identification Number: | 10.1177/0042098015583229 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:91016 |