Good placemaking techniques can substantially enhance the value of dwellings, according to new research published by RICS entitled ‘Placemaking and Value’. The research, carried out by CBRE, analysed residential property value data from the Land Registry as well as using site observations, discussions with developers and agents, as well as community groups and planners.
It is based on five case studies within an hour’s commute of London including Newhall, Harlow for which studio REAL is the masterplanner. The research demonstrates the benefits of good ‘placemaking’ not just for the high quality of the living environment created but also for the enhancement in the financial value of the dwellings
The CBRE research team examined a number of large, residential-led urban extension schemes in England that have created entirely new places with their own sense of identity. It found that strong place making can lead to substantial house price premiums within the schemes, anything between 20 – 50% over the imbedded new build norm in the locations. Jasper Masters, Executive Director, CBRE