New report demonstrates premium from walkable mixed use, mixed income development
23rd July 2007 — Press Release
A new report, Valuing Sustainable Urbanism, suggests that the government’s target of 3 million news homes by 2020 need not result in sprawl and environmental damage if we build walkable, mixed use, mixed income developments instead of car-dependent housing estates. The report published by The Prince’s Foundation for the Built Environment, also indicates that “sustainable communities” as exemplified by Poundbury in Dorchester and Crown Street, Glasgow, are at least as commercially viable as conventional developments, and in some cases more so. In the three cases studied, the sustainable urban projects had gross development values per hectare of 18 percent to 46 percent higher than conventional residential projects in the same market area. This is because these communities appeal to home buyers, commanding higher prices, and because of the higher building intensity. Furthermore property values in sustainable communities appear to increase at a greater rate over time than their conventional counterparts, making them a more attractive investment for buyers.
The Prince’s Foundation study was carried out by Savills Research department under a steering group chaired by Christopher Smallwood, policy advisor to The Prince’s Charities and former Chief Economic Advisor to Barclays plc.
Overview & Full Report
Write your comments in the box below and share on your Facebook!