The value of housing design and layout

More documents

Recommendations

Info

EXECUTIVE SUMMARY Executive Summary
8 EXECUTIVE SUMMARY Executive summary This report attempts to assess the extent to which design changes the value of residential development. It sets out a methodology whereby different types of design in housing and housing layout are examined to see how their differences affect the commercial value of new developments for developers. This research pilots a methodology that can be used to compare housing on any site in any location. Developers, funders, planners and other interested parties will be able to use this methodology on any site to make a like-for-like comparison between different developments. The methodology and the results from the small sample are intended to act as a framework for further, ongoing investigation into the role of good design in housing (or what is deemed to be good design) and its effects on value. The focus of this study is to demonstrate what, if any, enhanced value there is for the developer in building well designed schemes, broadly upholding the urban design principles in PPG3, compared to building more recent standard examples of housing layout and design. It is not concerned with whether the capital values of individual properties may or may not be higher than a comparably sized, standard new home. Neither does it examine the amount of capital appreciation that individual homes within the more innovative schemes may enjoy compared to more standard properties. The research selected eight examples of completed developments and compared them in four matched pairs. It was intended that four schemes with certain ‘innovative’ design elements would be compared against four of a more ‘standard’ design in the same location. Practical difficulties in obtaining confidential commercial information from certain developers necessitated creating two hypothetical comparator schemes sharing the same locations as two of the schemes with innovative design elements. The remaining two matched pairs both comprised real schemes. The eight sites were studied in four different locations around the South East. This had the effect of eliminating the impact of regional economies and the differences between regional housing markets when making comparisons. The developments were costed and a market valuation made. A residual value was then calculated on each scheme and expressed on a per hectare of land basis (using the same overall measure of land for each example) so that all sites could be compared to each other on a like-for-like basis. The residual value does not represent land value; it represents the commercial value to the developer of the site. With such a small sample and the pilot nature of this project, the headline results were inevitably inconclusive, inasmuch as they neither proved that innovative design and layout improves developer value nor did they disprove it. A number of themes emerge which, while not necessarily statistically significant, are of importance, especially as a basis for further research validation. Of the four locations studied, three of the four ‘exemplar’ (innovative design) schemes yielded higher residual values than the ‘conventional’ schemes (standard design) and one yielded poorer residual values to the developer. The widespread market perception that good design costs more was borne out by T H E V A L U E O F H O U S I N G D E S I G N A N D L A Y O U T
Page 1 and 2: the value of housing design and lay
Page 3 and 4: CABE, the Commission for Architectu
Page 6: Contents CONTENTS Executive summary
Page 11 and 12: 10 EXECUTIVE SUMMARY balance to be
Page 13 and 14: 1.0 12 INTRODUCTION Introduction Th
Page 15 and 16: 14 INTRODUCTION It appears likely t
Page 17 and 18: 2.0 16 ADDRESSING THE GAPS Addressi
Page 19 and 20: 18 ADDRESSING THE GAPS marketabilit
Page 21 and 22: 20 ADDRESSING THE GAPS urban land r
Page 23 and 24: 22 ADDRESSING THE GAPS local commun
Page 25 and 26: 24 ADDRESSING THE GAPS operation of
Page 27 and 28: 3.0 26 METHODOLOGY Methodology 3.1
Page 29 and 30: 28 METHODOLOGY measurement, some of
Page 31 and 32: 30 METHODOLOGY 3.4 Measuring and qu
Page 33 and 34: 32 METHODOLOGY otherwise) of design
Page 36 and 37: RESEARCH RESULTS AND DISCUSSION Res
Page 38 and 39: RESEARCH RESULTS AND DISCUSSION dev
Page 40 and 41: It is interesting to note that, alt
Page 42 and 43: Generally speaking, a bigger unit w
Page 44: RESEARCH RESULTS AND DISCUSSION Sch
Page 47 and 48: 5.0 46 CONCLUSIONS Conclusions This
Page 49 and 50: 48 CONCLUSIONS While it would appea
Page 51 and 52: a1.0 50 APPENDIX 1 Literature revie
Page 54 and 55: APPENDIX 2 Appendix 2.0 Cost analys
Page 56 and 57: COST ANALYSIS BY DAVIS LANGDON & EV
Page 58 and 59:
COST ANALYSIS BY DAVIS LANGDON & EV
Page 60 and 61:
Page 62 and 63:
Page 64:
Page 67 and 68:
Site A 66 APPENDIX 3 Location Surbi
Page 69 and 70:
Site B APPENDIX 3 Location Surbiton
Page 71 and 72:
Site C APPENDIX 3 Location Bishop
Page 73 and 74:
Site D APPENDIX 3 Location Bishop
Page 75 and 76:
Site E APPENDIX 3 Location Chelmsfo
Page 77 and 78:
Site F APPENDIX 3 Location Chelmsfo
Page 79 and 80:
Site G APPENDIX 3 Location Aylesbur
Page 81 and 82:
Site H APPENDIX 3 Location Aylesbur
Page 84 and 85:
APPENDIX 4 Appendix 4.0 Step-by-ste
Page 86 and 87:
APPENDIX 5 Appendix 5.0 Illustrativ
Page 88 and 89:
ACKNOWLEDGEMENTS Acknowledgements
Page 90:
the value of housing design and lay
show all

The value of housing design and layout

Create successful ePaper yourself

Delete template?

Save as template?