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

Neil Crosby and John Henneberry
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Neil Crosby: University of Reading, UK
John Henneberry: University of Sheffield, UK

Urban Studies, 2016, vol. 53, issue 7, 1424-1441

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 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:sae:urbstu:v:53:y:2016:i:7:p:1424-1441

DOI: 10.1177/0042098015583229

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