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DEVELOPING A METHODOLOGY TO CAPTURE LAND VALUE UPLIFT AROUND TRANSPORT FACILITIES
1. INTRODUCTION AND STRUCTURE OF LITERATURE REVIEW
The aim of this project is to investigate the potential for funding significant public transport projects through land value gain. This possibility is seen by many city and regional authorities as an increasingly important element of their integrated transport policy, as it combines important investment decisions with an understanding of how the property and land markets work. Some of the potential land and property value uplift may be captured and used to finance the transport investment.
The literature review is divided into five main sections, as follows:
- The first section looks at the empirical evidence from studies carried out on road and rail systems and property and land value change from the national and international literature.
- The second section explores in greater detail the common methodological elements within these projects and discusses problems relating to conceptual approach, methods used, data, the treatment of time, and location variability.
- The third section focuses on the main studies that have been carried out in Scotland, highlighting their results and commenting on the approaches adopted.
- The fourth section briefly examines studies relating to funding methods.
- The final section brings together all these elements in a commentary on the problems and directions where future research should be directed. This is, in short, a research agenda for monitoring and assessing the property market and land value impacts of transport investments.
An extensive survey of available literature has been carried out and partially filtered, as follows:
- Where possible, references are related directly to the impact of transport on land value, but in some cases references are included on the impact of transport on urban development in general, and on the influence of transport investment and accessibility in general on land value;
- Mainly post-1990 with a sprinkling of pre-1990 references to give some depth. The pre-1990 references include both more frequently cited or influential references, and references on less well researched themes that may not have been adequately covered or updated in the post-1990 period;
- Mainly UK and North American references - this is partly self-filtering by language and by availability (especially availability via internet sources).
As part of the literature review, we have surveyed available literature via library database, internet search (including online bibliographies), as well as drawing from currently known literature. This literature search has been augmented by further searches and by following up particular references and bibliographies. This has increased the breadth and depth of knowledge of the literature.
The literature includes academic papers and consultancy reports, plus some more polemical pieces. For a recent more comprehensive review of the literature on public transport and land values see ARW and UCL, 2002, although this has limited focus on Scottish experience. There have been a series of related reviews carried out on transport and competitiveness (Llewelyn Davies and UCL, 2003) and on the importance of transport in business location decisions (Napier University, 2003) - both studies were completed in 2003.
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