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The calculative turn in land value capture: lessons from the English planning system

McAllister, P., (2016) The calculative turn in land value capture: lessons from the English planning system. Working Papers in Real Estate & Planning. 01/16. Working Paper. University of Reading, Reading. pp22.

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For over three decades, negotiated planning obligations have been the primary form of land value capture in England. Diffusing and evolving over the last decade, a significant policy innovation has been the use of financial calculations to estimate the extent to which policies on planning obligations for actual, proposed development projects and in plan making affect the financial viability of development. This paper assesses the extent to which the use of financial appraisals has provided a robust, just and practical procedure to support land value capture. It is concluded that development viability appraisals are saturated with intrinsic uncertainty and that land value capture that is based on such calculations is, to some extent, capricious. In addition, clear incentives for developers and land owners to bias viability calculations, the economic dependence of many viability consultants on developers and land owners, a lack of transparency, contested or ambiguous guidance and the opportunities created by input uncertainty for bias are further failings. It is argued that how viability calculations are applied has been, is being and will continue to be shaped by power relations.

Item Type:Report (Working Paper)
Divisions:Henley Business School > Real Estate and Planning
ID Code:55567
Uncontrolled Keywords:Planning policy, planning obligation, financial viability appraisal, policy evaluation
Publisher:University of Reading
Publisher Statement:The copyright of each paper remain with the author. If you wish to quote from or cite any paper please contact the appropriate author. In some cases a more recent version of the paper may have been published elsewhere.


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