Data interpretation in social housing management

The use of business management techniques in the public sector is not a new topic. However the increased use of the phrase "housing business management" as against that of "housing administration" reflects a change in the underlying philosophy of service delivery. The paper examines how data collection and use can be related to the operational requirements of the social landlords and highlights the problems of systems dynamics generating functionally obsolete data.

Forward pricing and the housing market: the pre-sales housing system in Taiwan

In countries that have experienced rapid economic development, the need to establish more efficient markets in which private property can be constructed has induced some innovative solutions. One such solution is the phenomenon of a pre-sales market of the kind that can be observed in Taiwan, Korea, and more recently in China. Developers sell their property before building is started in order to acquire financing for the development companies. This paper discusses the process and, by recognising the analogy between the pre-sales market and forwards markets, analyses the implications for developers

New rôles and development rules for housing associations: rhe rise of design and build?

This paper summarises an initial report carried out by the Housing Business Research Group, of the University of Reading into Design and Build procurement and a number of research projects undertaken by the national federation of Housing Associations (NFHA), into their members' development programmes. The paper collates existing statistics from these sources and examines the way in which Design and Build procurement can be adapted for the provision of social housing. The paper comments on these changes and questions how risk averting the adopted strategies are in relation to long term housing business management issues arising from the quality of the product produced by the new system.

PPG13 and the residential developer

This paper reviews the evidence in favour of the compact city and considers whether it is a viable policy option. Environmentalists, acadenics and politicians have all expressed strong support for the compact city as a basis for sustainable development. A review of the literature broadly confirms the claims made on its behalf, in particular that it is energy efficient and that it plays a crucial role in preventing rural land loss. It is further shown i) that there is nothing inevitable about the established pattern of urban dispersal, and ii) that although urban land is charaterised by a number of contstraints on development,it could in principle satisfy much of the projected demand for housing. Yet urban sprawl continues. Some of the reasons for this in the case of residential development are examined by comparing the residential development process with the principles of sustainable development. The general conclusion of the paper is that proposals for urban containment are likely to be strongly resisted by housebuilders.

Asymmetric response of demand-supply mismatch to investor's sentiment

We look through both the demand and supply side information to understand dynamics of price determination in the real estate market and examine how accurately investors’ attitudes predict the market returns and thereby flagging off extent of any demand-supply mismatch. Our hypothesis is based on the possibility that investors’ call for action in terms of their buy/sell decision and adjustment in reservation/offer prices may indicate impending demand-supply imbalances in the market. In the process, we study several real estate sectors to inform our analysis. The timeframe of our analysis (1995-2010) allows us to observe market dynamics over several economic cycles and in various stages of those cycles. Additionally, we also seek to understand how investors’ attitude or the sentiment affects the market activity over the cycles through asymmetric responses. We test our hypothesis variously using a number of measures of market activity and attitude indicators within several model specifications. The empirical models are estimated using Vector Error Correction framework. Our analysis suggests that investors’ attitude exert strong and statistically significant feedback effects in price determination. Moreover, these effects do reveal heterogeneous responses across the real estate sectors. Interestingly, our results indicate the asymmetric responses during boom, normal and recessionary periods. These results are consistent with the theoretical underpinnings.

Planning delay and the responsiveness of English housing supply

There is growing international interest in the impact of regulatory controls on the supply of housing. Most research focuses on the supply impacts of prescribed limits on land use but housing supply may also be affected by the process of planning monitoring and approval but this is hard to measure in detail. The UK has a particularly restrictive planning regime and a detailed and uncertain process of development control linked to it, but does offer the opportunity of detailed site-based investigation of planning delay. This paper presents the findings of empirical research on the time taken to gain planning permission for selected recent major housing projects in southern England. The scale of delay found was far greater than is indicated by average official data measuring the extent to which local authorities meet planning delay targets. Hedonic modelling indicated that there is considerable variation in the time it takes local authorities to process planning applications. Housing association developments are processed more quickly than those of large developers and small sites appear to be particularly time-intensive. These results suggest that delays in development control may be a significant contributory factor to the low responsiveness of UK housing supply to upturns in market activity.

Dynamic analysis of house price diffusion across Asian financial centres

The aim of this paper is to explore effects of macroeconomic variables on house prices and also, the lead-lag relationships of real estate markets to examine house price diffusion across Asian financial centres. The analysis is based on the Global Vector Auto-Regression (GVAR) model estimated using quarterly data for six Asian financial centres (Hong Kong, Tokyo, Seoul, Singapore, Taipei and Bangkok) from 1991Q1 to 2011Q2. The empirical results indicate that the global economic conditions play significant roles in shaping house price movements across Asian financial centres. In particular, a small open economy that heavily relies on international trade such as – Singapore and Tokyo - shows positive correlations between economy’s openness and house prices, consistent with the Balassa-Samuelson hypothesis in international trade. However, region-specific conditions do play important roles as determinants of house prices, partly due to restrictive housing policies and demand-supply imbalances, as found in Singapore and Bangkok.

The evolution of electricity demand and the role for demand side participation, in buildings and transport

This paper explores the possible evolution of UK electricity demand as we move along three potential transition pathways to a low carbon economy in 2050.The shift away from fossil fuels through the electrification of demand is discussed, particularly through the uptake of heat pumps and electric vehicles in the domestic and passenger transport sectors. Developments in the way people and institutions may use energy along each of the pathways are also considered and provide a rationale for the quantification of future annual electricity demands in various broad sectors. The paper then presents detailed modelling of hourly balancing of these demands in the context of potential low carbon generation mixes associated with the three pathways. In all cases, hourly balancing is shown to be a significant challenge. To minimise the need for conventional generation to operate with very low capacity factors, a variety of demand side participation measures are modelled and shown to provide significant benefits. Lastly, projections of greenhouse gas emissions from the UK and the imports of fossil fuels to the UK for each of the three pathways are presented.

Price-based demand side management: Assessing the impacts of time-of-use tariffs on residential electricity demand and peak shifting in Northern Italy

One of the most common Demand Side Management programs consists of Time-of-Use (TOU) tariffs, where consumers are charged differently depending on the time of the day when they make use of energy services. This paper assesses the impacts of TOU tariffs on a dataset of residential users from the Province of Trento in Northern Italy in terms of changes in electricity demand, price savings, peak load shifting and peak electricity demand at substation level. Findings highlight that TOU tariffs bring about higher average electricity consumption and lower payments by consumers. A significant level of load shifting takes place for morning peaks. However, issues with evening peaks are not resolved. Finally, TOU tariffs lead to increases in electricity demand for substations at peak time.

Is there a demand for sustainable offices? An analysis of UK business occupier moves (2006–2008)

‘Sustainable’ or ‘green’ commercial buildings are frequently seen as a growth sector in the property investment market. This research examines the emergence of sustainable commercial buildings in both the UK and overseas. The empirical part of the paper is based on a telephone survey of 50 UK corporate (private sector) occupiers taking leased and owner–occupied office space, which was carried out during the period of April to November 2008. The survey focused on actual moves made within the previous two years, or moves that were imminent during 2006–2008. The research suggests that although there is an emerging and increasing demand for sustainable offices in the UK, other factors such as location and availability of stock continue to remain more important than sustainability in determining occupiers’ final choice of office. Occupiers who moved to a Building Research Establishment Environmental Assessment Method (BREEAM)‐rated building, and were in business sectors with strong environmental and corporate responsibility policies, placed more emphasis on sustainability than other groups in the final choice of office, but location and availability remained paramount.

Housing supply and brownfield regeneration in a post-Barker world: is there enough brownfield land in England and Scotland?

The findings of the Barker review, which examined the reasons for the undersupply of UK housing, have important implications for the devolved constituents of the UK, including Scotland. This paper traces the emergence of the brownfi eld regeneration policy agenda across the UK and examines how the Barker review connects with this brownfi eld policy focus. The paper compares housing and brownfi eld policies and practices in England and Scotland, places them in an international context and elicits wider lessons for devolved governance in relation to housing policy, in terms of ‘centrist–local’ tensions. Estimates based on published data suggest that Barker’s emphasis on increased housing supply cannot easily be reconciled with the current emphasis on brownfi eld development and is likely to require a return to greenfield development in both countries.