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Case Study 3

Homes England Placemaking Study

Pion Economics has been working with Amion Consulting to examine the nature and extent of 'placemaking effects' in local housing markets following regeneration of sites through housing development.  

The research builds upon the previous MHCLG/DLUHC study which investigated additional impacts (or additionality) of general housing supply interventions.

Pion Economics has been responsible for the econometrics element of the study, undertaking quasi-experimental, pooled-cross-section hedonic price model (HPM) modelling in which post-intervention trends in house prices are assessed across distance-based rings proximate to the intervention and relative to a ‘control’ ring beyond which any displacement impact is not anticipated to occur.

The study uses Land Registry, property price data as the basis of the analysis.  It applies a dimension reduction approach to reflect the role played by amenity variables in determining price and applies spatial filters to accommodate spatial dependence.