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Article
Publication date: 1 March 1992

William Deddis

Notes that the development appraisal seeks to establish thepotential use value of land as a golf course. Points out that achievingoptimum productivity may be seriously…

Abstract

Notes that the development appraisal seeks to establish the potential use value of land as a golf course. Points out that achieving optimum productivity may be seriously hampered by the “conservatism” of planning authorities reluctant to allow added value in the form of other facilities, particularly any associated housing development and especially in metropolitan greenbelts. Concludes that developers will recognise the need to initiate market researched appraisal‐led schemes and planners will have to reconcile market forces with environmental objectives.

Details

Journal of Property Valuation and Investment, vol. 10 no. 3
Type: Research Article
ISSN: 0960-2712

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Article
Publication date: 1 December 1997

William McCluskey, William Deddis, Adam Mannis, Dillon McBurney and Richard Borst

Provides an outline of research seeking to apply to computer assisted mass appraisal (CAMA) model capable of use within a geographic information system (GIS). The end…

Abstract

Provides an outline of research seeking to apply to computer assisted mass appraisal (CAMA) model capable of use within a geographic information system (GIS). The end product will be a working GIS/valuation integrated model. The model, in an operational context, can be utilized for property taxation purposes, to facilitate the rating and revaluation of residential properties in Northern Ireland. As the value of land and property is a function of economic, legal, physical and locational factors, consequently access to comprehensive, reliable and up‐to‐date transaction evidence is a prerequisite to property valuation. Valuation techniques depend on the collection and analysis of relevant data. Historically, the application of these techniques took place within a non‐spatial environment. Ultimately, market data support any estimate of value. Data searches and collection can prove both time consuming and expensive in relation to the fee earning potential of a valuation report. GIS can facilitate, in a spatial and aspatial context, the storage, manipulation and analysis of data, in a fraction of the time previously required. Current techniques for the mass appraisal of property, and for the prediction of residential property values, can be enhanced by utilizing the data handling capacity of GIS. Integration of a mass appraisal model within a GIS will add value to the valuation process.

Details

Journal of Property Valuation and Investment, vol. 15 no. 5
Type: Research Article
ISSN: 0960-2712

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Article
Publication date: 1 April 2000

William J. McCluskey, William G. Deddis, Ian G. Lamont and Richard A. Borst

The aim of this paper is to attempt to measure the effect of location on residential house prices and to endeavour to integrate spatial and aspatial data in terms of…

Abstract

The aim of this paper is to attempt to measure the effect of location on residential house prices and to endeavour to integrate spatial and aspatial data in terms of developing a hybrid predictive model. The research methodology investigates the traditional hedonic approach to modelling location using multiple regression techniques. Alternative approaches are considered which specifically model the spatial distribution of house prices with the objective of developing location adjustment factors. These approaches are based on the development of surface response techniques such as inverse distance weighting and universal kriging. The results generated from the surfaces created are then calibrated within MRA.

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Journal of Property Investment & Finance, vol. 18 no. 2
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 9 August 2011

William J. McCluskey and Richard A. Borst

The purpose of this paper is to describe a segmentation technique based on geostatistical modeling methods utilizing geographically weighted regression (GWR) to identify…

Abstract

Purpose

The purpose of this paper is to describe a segmentation technique based on geostatistical modeling methods utilizing geographically weighted regression (GWR) to identify submarkets which could be applied within the mass appraisal environment.

Design/methodology/approach

Given the spatial dimension within which neighbourhoods/submarkets exist, this paper has sought to utilize the geostatistical technique of GWR to identify them.

Findings

The efficacy of the procedure is established by demonstrating improvements in predictive accuracy of the resultant segmented market models as compared to a baseline global unsegmented model for each of the study areas. Optimal number of segments is obtained by measures of predictive accuracy, spatial autocorrelation in the residual errors and the Akaike information criterion.

Research limitations/implications

The three datasets used allowed for an evaluation of the robustness of the method. Nonetheless it would be beneficial to test it on other datasets, particularly from different regions of the world.

Practical implications

Many researchers and mass appraisal practitioners have established the benefit of segmenting a study area into two or more submarkets as a means of incorporating the effects of location within mass valuation models. This approach develops the existing knowledge.

Social implications

The research ultimately is developing more accurate valuation models upon which the property tax is based. This should create an environment of fair and acceptable assessed values by the tax paying community.

Originality/value

The contribution of this work lies in the methodological approach adopted which incorporates a market basket approach developed through a process of GWR. The importance of the research findings illustrate that submarket segmentation need no longer be an arbitrary process.

Details

International Journal of Housing Markets and Analysis, vol. 4 no. 3
Type: Research Article
ISSN: 1753-8270

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Article
Publication date: 21 August 2007

William J. McCluskey and Richard A. Borst

The purpose of this research is to explore from a mass appraisal perspective how the effects of location are reflected within valuation models. The paper sets out to…

Abstract

Purpose

The purpose of this research is to explore from a mass appraisal perspective how the effects of location are reflected within valuation models. The paper sets out to detail the various techniques and the efficacy of their application.

Design/methodology/approach

The approach adopted is analytical and based upon the development of locational attributes. An extensive literature base is synthesized with methods being evaluated in their application to mass appraisal.

Findings

This research has identified that the three main groups interested in residential property valuation, namely, academia, industry and commerce have to a certain extent been unfamiliar with the research developments occurring in the other groups. The impact of this is important, given the need for integration and collaboration in terms of future model development.

Research limitations/implications

The research underpinning this paper will provide a solid basis for further research into this area. The importance of measuring the effect that location has on value is of major significance in the determination of objective estimates of property value.

Practical implications

Those within the assessment community could be described as pragmatists working in a situation that requires feasible and suitable solutions to the problem of measuring location value. It is our contention that the third generation techniques of spatially varying parameter models and spatial autocorrelation models will require greater industry verification before their use becomes more widely accepted.

Originality/value

This paper provides a detailed analysis of methodologies used to reflect the value of location over the last 50 years. The debate is taken forward by describing what will be the contribution to the development of the next generation of location‐specific modeling techniques.

Details

Property Management, vol. 25 no. 4
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 1 August 2016

Pierluigi Morano and Francesco Tajani

This paper aims to deal with the sale of the bare ownership subject to the lifetime usufruct to the seller as an alternative channel for housing investments in Italian…

Abstract

Purpose

This paper aims to deal with the sale of the bare ownership subject to the lifetime usufruct to the seller as an alternative channel for housing investments in Italian cities. The first aim of the study is to understand in greater detail the bare ownership market while also stimulating the interest of researchers in this segment of the housing market that up until now has been marginally analyzed so far. The second aim is to make the estimation of the bare ownership easier and more reliable for market investors and institutions. The third aim is to quantify on the markets investigated in this paper, the “actual” appraisal coefficients for the usufructuary presence, as well as compare these coefficients with the ones set for tax purposes to highlight either the concordance or discordance.

Design/methodology/approach

A hedonic price model is developed, with which it is possible to evaluate the market price of the bare ownership as a function of the determinants of value in the market segments in question, in particular the life expectancy of the usufructuary.

Findings

Through the hedonic models defined in this work, it is possible to appraise the market value of the bare ownership of residential flats in a building located in the same districts overcoming the limitations of the procedures currently used. Comparing the appraisal coefficients for the usufructuary presence estimated through the hedonic models defined in this work, with the legally defined coefficients applied countrywide for tax purpose, it is possible to conclude that the latter markedly underestimate the market value of bare ownership, thereby leading to fiscal iniquities and substantial social costs.

Research limitations/implications

It has not been possible to know the gender of the usufructuary. Rather limited size of the apartment sales samples.

Practical implications

The bare ownership market is currently an important sector that deserves greater attention from the institutions, market investors and real estate research. The model developed allows to estimate the “actual” coefficients for the determination of the market value of the bare ownership of residential units.

Originality/value

There are currently no studies nor descriptive investigations relating to either the bare ownership market segments or recent cases of estimates. The present study is the first in current literature that both systematically deals with the quantification of the “actual” appraisal coefficients for the usufructuary presence, as well as compares these coefficients with the ones set for tax purposes.

Details

International Journal of Housing Markets and Analysis, vol. 9 no. 3
Type: Research Article
ISSN: 1753-8270

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Article
Publication date: 1 March 1997

Brian Bloch

There is a substantial literature on property‐market cycles, but not on the related, though distinct, issue of volatility. Focuses on the nature, causes and effects of…

Abstract

There is a substantial literature on property‐market cycles, but not on the related, though distinct, issue of volatility. Focuses on the nature, causes and effects of volatility in the residential property market. Begins with a look at the negative impact of volatility, followed by a brief historical perspective. In an analysis of the mechanics of the property market, considers supply and demand in terms of their specific characteristics in this market context. Then analyses the psychology of the property market, with an emphasis on mass psychology. Further issues are the role of banks in exacerbating the existing market volatility, speculation, population influxes as a source of instability and, finally, counter‐cyclical policy which may achieve the opposite of what is intended. Takes a deliberately international perspective.

Details

Property Management, vol. 15 no. 1
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 3 February 2012

David Parker, Tony Lockwood and Wayne Marano

Spatially enabled taxation systems provide public policy makers in Australia with a conundrum. For the Valuers General who provide the fiscal cadastre for the taxation…

Abstract

Purpose

Spatially enabled taxation systems provide public policy makers in Australia with a conundrum. For the Valuers General who provide the fiscal cadastre for the taxation system, spatial enablement could lead to a central role in State Government taxation or to a sidelined role. This paper aims to address this issue.

Design/methodology/approach

The paper uses a survey of Valuers General.

Findings

The paper establishes the current extent of adoption of spatially enabled taxation systems, identifies current provision and uses of valuation data and explores possible future provision and uses of such data.

Research limitations/implications

The sample size for survey may limit its use elsewhere.

Practical implications

The paper concludes that further integration and a unified national policy approach would be preferable.

Originality/value

The first published paper to establish the current extent of adoption of spatially enabled taxation systems and to identify current provision and uses of valuation data in Australasia.

Details

Property Management, vol. 30 no. 1
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 25 February 2014

M. McCord, P.T. Davis, M. Haran, D. McIlhatton and J. McCord

Accounting for locational effects in determining price is of fundamental importance. The demise of the mainstream property market has culminated in increasing appetite and…

Abstract

Purpose

Accounting for locational effects in determining price is of fundamental importance. The demise of the mainstream property market has culminated in increasing appetite and investment activity within the private rental sector. The primary purpose of this paper aims to analyse the local variation and spatial heterogeneity in residential rental prices in a large urban market in the UK using various geo-statistical approaches.

Design/methodology/approach

Applying achieved price data derived from a leading internet-based rental agency for Belfast Northern Ireland is analysed in a number of spatially based modelling frameworks encompassing more traditional approaches such as hedonic regressive models to more complex spatial filtering methods to estimate rental values as a function of the properties implicit characteristics and spatial measures.

Findings

The principal findings show the efficacy of the geographically weighted regression (GWR) technique as it provides increased accuracy in predicting marginal price estimates relative to other spatial techniques. The results reveal complex spatial non-stationarity across the Belfast metropole emphasizing the premise of location in determining and understanding rental market performance. A key finding emanating from the research is that the high level of segmentation across localised pockets of the Belfast market, as a consequence of socio-political conflict and ethno-religious territoriality segregation, requires further analytical insight and model specification in order to understand the exogenous spatial and societal effects/implications for rental value.

Originality/value

This study is one of only a few investigations of spatial residential rent price variation applying the GWR methodology, spatial filtering and other spatial techniques within the confines of a UK housing market. In the context of residential rent prices, the research highlights that a soft segmentation modelling approaches are essential for understanding rental gradients in a polarised ethnocratic city.

Details

International Journal of Housing Markets and Analysis, vol. 7 no. 1
Type: Research Article
ISSN: 1753-8270

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Article
Publication date: 20 November 2017

Georgios Patsiaouras

This study aims to provide a historical understanding of conspicuous consumption phenomena in the context of the UK, between 1945 and 2000. It considers how status-driven…

Abstract

Purpose

This study aims to provide a historical understanding of conspicuous consumption phenomena in the context of the UK, between 1945 and 2000. It considers how status-driven consumption has been shaped by economic, technological and cultural factors.

Design/methodology/approach

Adopting a periodization scheme, concerning two time structures between 1945 and 2000, this paper is based on research stemming from a wide range of data such as academic studies, research articles, narrative history books, past advertisements, novels and biographies. Rich interdisciplinary data from the realms of political economy, sociology, cultural geography and consumption studies have been synthesized so as to provide a marketing-oriented historical outlook on conspicuous consumption phenomena.

Findings

Status-driven consumption in the UK has been heavily influenced by economic policies, cultural changes and public perceptions towards wealth during the second half of the twentieth century. Post-war rationing, youth-driven fashion, free-market economics and technological advances have played a crucial role in forming consumers’ tastes and engagement with ostentatious economic display.

Originality/value

Although the vast majority of marketing studies have approached luxury consumption through a psychological angle, this examination identifies the capacity of historical research to uncover and highlight the interrelationships between socio-economic factors and status-motivated consumption.

Details

Journal of Historical Research in Marketing, vol. 9 no. 4
Type: Research Article
ISSN: 1755-750X

Keywords

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