Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/221298
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dc.titleTHE IMPACT OF CONGESTION CHARGING ON LONDON'S REAL ESTATE HOUSING MARKET
dc.contributor.authorLIU YUHENG DANIEL
dc.date.accessioned2016-11-17T07:58:59Z
dc.date.accessioned2022-04-22T17:34:07Z
dc.date.available2019-09-26T14:14:00Z
dc.date.available2022-04-22T17:34:07Z
dc.date.issued2016-11-17
dc.identifier.citationLIU YUHENG DANIEL (2016-11-17). THE IMPACT OF CONGESTION CHARGING ON LONDON'S REAL ESTATE HOUSING MARKET. ScholarBank@NUS Repository.
dc.identifier.urihttps://scholarbank.nus.edu.sg/handle/10635/221298
dc.description.abstractSince February 2003, a form of road pricing has been implemented in London’s most congested city center. The London Congestion Charge was introduced to reduce traffic volume and congestion. A Congestion Charge Zone (CCZ) was set up in central London with the Inner Ring Road as the boundary. Transportation infrastructure was improved using revenue gained from the charge and traffic congestion was alleviated as a result of the scheme. Hypothetically, a more efficient transport system and lesser congestion should have positive spillover benefits for the economy and this would be reflected in land and housing prices. Using housing prices from the 6 main boroughs cordoned off by the CCZ and those outside of it, the paper looks to investigate the impact the charge had on housing markets, specifically those within the zone. Using three policy shocks with the first being the implementation of the London Congestion Charge and the following two rate hikes, the effects the charge had on residential real estate prices is isolated. The results show that initially, the implementation of the charge led to 13% drop in housing prices compared to pre-charging levels but the subsequent two congestion charge hikes caused a 4% and 8% increase in housing prices. Using a difference-in-difference approach we will look at how congestion charging has affected properties prices within the CCZ (treatment group). The results are statistically and economically significant. Initially, relative prices within the CCZ fell as there were demands shocks and inaccessibility around the zone. However, housing prices as compared to those in the control group increased during the next two rate hikes due to a greater desirability of the land due to lesser congestion and a more efficient transport system in Central London.
dc.language.isoen
dc.sourcehttps://lib.sde.nus.edu.sg/dspace/handle/sde/3548
dc.subjectReal Estate
dc.subjectRE
dc.subjectLiao Wen Chi
dc.subject2016/2017 RE
dc.subjectCongestion Charging
dc.subjectCongestion Charge Zone (CCZ)
dc.subjectHousing Prices
dc.subjectRoad Pricing
dc.subjectTraffic Congestion
dc.typeDissertation
dc.contributor.departmentREAL ESTATE
dc.contributor.supervisorLIAO WEN CHI
dc.description.degreeBachelor's
dc.description.degreeconferredBACHELOR OF SCIENCE (REAL ESTATE)
dc.embargo.terms2016-12-21
Appears in Collections:Bachelor's Theses

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