The Costs of Urban Property Crime

Stephen Gibbons

CEP Discussion Papers from Centre for Economic Performance, LSE

Abstract: This paper estimates the impact of recorded domestic property crime on property prices in the London area. Crimes in the Criminal Damage category have a significant negative impact on prices. Burglaries have no measurable impact on prices, even after allowing for the potential dependence of burglary rates on unobserved property characteristics. A one-tenth standard deviation decrease in the local density of criminal damage adds 1 per cent to the price of an average Inner London property. One explanation we offer here is that vandalism, graffiti and other forms of criminal damage motivate fear of crime in the community and may be taken as signals or symptoms of community instability and neighbourhood deterioration in general.

Keywords: property prices; crime; social disorder; spatial econometrics (search for similar items in EconPapers)
JEL-codes: C31 R21 (search for similar items in EconPapers)
Date: 2003-06
New Economics Papers: this item is included in nep-geo and nep-ure
References: View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Related works:
Journal Article: The Costs of Urban Property Crime (2004)
Working Paper: The costs of urban property crime (2003)
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Persistent link: https://EconPapers.repec.org/RePEc:cep:cepdps:dp0574

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