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

Crosby, N. and Henneberry, J. (2016) Financialisation, the valuation of investment property and the urban built environment in the UK. Urban Studies, 53 (7). pp. 1421-1441. ISSN 1360-063X doi: 10.1177/0042098015583229

Abstract/Summary

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.

Item Type	Article
URI	https://reading-clone.eprints-hosting.org/id/eprint/40145
Identification Number/DOI	10.1177/0042098015583229
Refereed	Yes
Divisions	Henley Business School > Real Estate and Planning
Publisher	Sage
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