Yang, Sijie;
Krenz, Kimon;
Qiu, Waishan;
Li, Wenjing;
(2023)
The Role of Subjective Perceptions and Objective Measurements of the Urban Environment in Explaining House Prices in Greater London: A Multi-Scale Urban Morphology Analysis.
ISPRS International Journal of Geo-Information
, 12
(6)
, Article 249. 10.3390/ijgi12060249.
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Abstract
House prices have long been closely related to the built environment of cities, yet whether the subjective perception (SP) of these environments has a differing effect on prices at multiple urban scales is unclear. This study sheds light on the impact of people’s SP of the urban environment on house prices in a multi-scale urban morphology analysis. We trained a machine learning (ML) model to predict people’s SP of the urban environment around properties across Greater London with survey response data from an online survey evaluating people’s SP of street view image (SVI) and linked this to house price data. This information was used to construct a hedonic price model (HPM) and to evaluate the association between SP and house price data in a series of linear regression models controlling location information and urban morphological characteristics such as street network centralities at multiple urban scales, quantified using space syntax (SS) methods. The findings show that SP influences house prices, but this influence differs depending on the urban scale of analysis. Particularly, a sense of ‘enclosure’ and ‘comfort’ are important factors influencing house price variation. This study contributes by introducing SP of the urban environment as a new dimension into the traditional HPM and by exploring the economic impact of SP on the house price market at multiple urban scales.
| Type: | Article |
|---|---|
| Title: | The Role of Subjective Perceptions and Objective Measurements of the Urban Environment in Explaining House Prices in Greater London: A Multi-Scale Urban Morphology Analysis |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.3390/ijgi12060249 |
| Publisher version: | https://doi.org/10.3390/ijgi12060249 |
| Language: | English |
| Additional information: | © 2023 by the Authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/). |
| Keywords: | house price; subjective perception; space syntax; street view image; machine learning |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > The Bartlett School of Architecture |
| URI: | https://discovery.ucl.ac.uk/id/eprint/10173604 |
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