Sally Sims, Peter Dent and Gina Ennis‐Reynolds
The purpose of this paper is to establish whether or not asking price can provide a reliable indication of the impact of a negative externality when transaction data are scarce.
Abstract
Purpose
The purpose of this paper is to establish whether or not asking price can provide a reliable indication of the impact of a negative externality when transaction data are scarce.
Design/methodology/approach
Until recently, transaction data within the UK were either unobtainable or expensive. Subsequently, an analysis of the value impacts of living near negative externalities (such as high voltage overhead power lines (HVOTL)) relies almost entirely on valuer expertise. Since behavioural research suggests that valuers often anchor to asking price which, in theory, is based on the selling agent's opinion of the likely transaction value of a property, the argument is made that “asking price” provides a reliable indication of the impact of a negative externality when transaction data are scarce. This theory is tested through an analysis of the real versus perceived impacts of an HVOTL on proximate house prices.
Findings
The results, whilst providing additional evidence to support the relationship between value diminution and the presence of an HVOTL near residential homes, suggest that agents' marketing price does not capture the true impact of this type of negative externality and should therefore be treated with caution by practitioners seeking to establish the value of this type of property.
Originality/value
The results of this article add additional evidence to support the findings from previous studies in this field.
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Sally Sims and Peter Dent
The Government's aim to curb CO2 emissions from energy production has resulted in the growth of a new environmental feature; the wind turbine. Whilst this may help tackle climate…
Abstract
Purpose
The Government's aim to curb CO2 emissions from energy production has resulted in the growth of a new environmental feature; the wind turbine. Whilst this may help tackle climate change, there is concern that the visual and aural presence of these turbines could have a negative impact on house prices. Opinion studies undertaken within the UK appear to show significant variations in attitudes towards wind farms in different locations (in particular between Scotland and southern England) and at different stages during the development process. However, to date, no research has established the actual impact on proximate house values. Therefore, the purpose of this study, sponsored by the RICS, is to develop a methodology to measure the likely impact of onshore wind farms on house prices in the UK.
Design/methodology/approach
This study focused on residential property surrounding two wind farms in Cornwall. Transaction data for 1,052 house sales completed between 2000 and 2004 were obtained and analysed using regression modelling and comparative sales analysis. A second study undertook an analysis of the planning objections to wind farms in this location.
Findings
The analysis of transaction data found some correlation between distance from a wind farm, and value. However, the data were insufficiently detailed to draw any sound conclusions. The analysis of planning objections revealed that 95 percent of objections came from people living outside Cornwall.
Research limitations/implications
Whilst the methodology is sound, the available data were limited to house type and selling price, and therefore not sufficiently detailed to highlight any small changes in value.
Originality/value
The paper establishes general criteria which could be used to evaluate the potential impact of onshore wind farms on property values.
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Climatic conditions in Poland vary tremendously each year with temperatures exceeding 25°C in the summer and sub‐zero in the winter. Therefore the provision of adequate heating…
Abstract
Purpose
Climatic conditions in Poland vary tremendously each year with temperatures exceeding 25°C in the summer and sub‐zero in the winter. Therefore the provision of adequate heating and cooling in residential, public and industrial buildings is essential. Poland has recently embarked on a refurbishment process known as “thermomodernisation”, which focuses on improving buildings' thermal and energy efficiency. This paper aims to present the results from a case study of refurbished apartments in Olsztyn, Poland, to determine whether this process increases market value.
Design/methodology/approach
The research focuses on property in Olsztyn, Poland where residential property is typically situated in apartments within high‐rise and low‐rise buildings.
Findings
The majority of housing stock in Poland was built during the 1970s to 1990s when the thermal properties of building materials were not considered in the construction process, the thermal performance in most residential buildings is very low and heating costs unacceptably high. The results suggest both occupiers and professionals consider thermomodernisation benefits the occupiers by reducing energy and maintenance costs and improving the amenity value of a home. However, whilst both thought that property value was increased this increase was not significant.
Practical implications
This paper provides information on the financial benefits to the occupier from “thermodernistion”, and encourages professionals to highlight these benefits when marketing property.
Originality/value
No published research has explored this issue. This paper addresses this situation.
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The purpose of this paper is to explore the reasons behind the apparent reluctance of UK residential developers to embrace microgeneration technology and adopt it large‐scale…
Abstract
Purpose
The purpose of this paper is to explore the reasons behind the apparent reluctance of UK residential developers to embrace microgeneration technology and adopt it large‐scale across their developments despite consumer demand for post‐construction microgeneration technologies. This paper explores residential developers’ attitudes towards these technologies, their perceptions of drivers and barriers to sustainability, supply and demand issues and perceptions of the potential contribution that microgeneration technologies could make towards sustainable construction across the UK.
Design/methodological/approach
This paper reports on the findings from 12 telephone interviews with UK residential developers which were carried out in May 2007.
Findings
The main driver towards sustainability was legislation. The most favoured microgeneration technology amongst developers was solar thermal, as it was perceived to be the most established microgeneration technology. Barriers towards adopting this technology were the initial cost to developers, the initial costs to occupiers, long payback periods, and the current market immaturity, reliability and liability of microgeneration products.
Research limitations/implications
This represents a snapshot of developers views in 2007 and due to technological improvements, policy and changes to the economy opinions may have changed.
Practical implications
The results suggest that unless there are significant improvements in efficiency, reliability, reductions in purchase costs and, guarantees that they will be free from liability when things go wrong, developers will struggle to achieve the requirements of the code for sustainable homes Level Six “zero carbon” rating in 2016.
Originality/value
The study addresses microgeneration from the house‐builders’ perspective.
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Chitalu Kabwe, Christine Phiri-Mushibwe and Smita Tripathi
This chapter employs the shared leadership model in exploring how leaders of higher education institutions (HEIs) can partner with Public Policy Groups (PPGs) within the Global…
Abstract
This chapter employs the shared leadership model in exploring how leaders of higher education institutions (HEIs) can partner with Public Policy Groups (PPGs) within the Global South, a region characterized by complex challenges such as underdeveloped economies, corrupt leadership, limited financial and human resources, and political instability in some cases. The driving forces for collaboration include interconnected national policies, shared goals, responsibility, and accountability for resources. The Zambian Higher Education Policy (HE policy) draws on national, regional, and global aspirations for education and skills development, making it a suitable tool for advancing a common agenda for social, economic, and environmental sustainability. HEIs can use their collective leadership competencies to understand the multidimensional context in which they must exercise their varied roles. HEIs require relational and dynamic processes, practices, and narratives to negotiate the ups and downs of the complex terrain for sustainable development and drive a more transformative and complementary agenda for change.
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The following is an annotated list of materials dealing with orientation to library facilities and services, instruction in the use of information resources, and research and…
Abstract
The following is an annotated list of materials dealing with orientation to library facilities and services, instruction in the use of information resources, and research and computer skills that are related to retrieving and using information. This is the fourteenth review to be published in Reference Services Review and lists items in English published in 1987. A few items are not annotated because the compiler could not obtain copies of them for this review.