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Explore the Effect of Urban Green Spaces on Housing Prices in the Nearby Areas: A Case Study in Inner London
Public resources such as parks, transportation, and schools can be very important factors to housing prices nearby. Among these various factors, urban green spaces are especially essential since they can help approve the urban quality of living such as reducing traffic noise and air pollution, as well as being beneficial to human wellbeing. There are academic studies focused on cities all around the world indicating that the proximity to urban green spaces usually has a positive effect on housing prices in the surrounding areas, which is also part of the hedonic pricing analysis and called the proximity principle. However, relevant studies on the correlation between urban green spaces and housing prices have mainly concentrated on Global North, especially in the United States, Europe, and Asian cities. Few studies have mentioned the proximity principle in the United Kingdom context. Therefore, the objective of this research is to investigate the effect of urban green spaces on housing prices in nearby areas. London postcode system is being applied when designating particular areas including green spaces. Five renowned parks are being selected within Inner London and 5223 housing transactions raw data in total were collected within three parks to prove the proximity principle and make the results more general. Substantial evidence by quantitative data analysis through IBM SPSS Statistics 27 shows that the proximity to urban green spaces is positively correlated to housing prices nearby, regardless of the housing types. The conclusion of previous studies is still applicable in Inner London that the proximity principle is accepted in the Global North planning context. This research will shed light on the Inner London context in residential housing purchase decision-making, as well as for estate developers and governments to make reasonable planning development layouts with potential increased economic benefits.

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This list was generated on Sun Feb 25 16:18:05 2024 UTC.