THE ECONOMIC VALUE OF SPATIAL NETWORK ACCESSIBILITY FOR UK CITIES: A comparative analysis using the hedonic price approach

Spatial network accessibility was found to be significant when associating with house prices using the hedonic price approach. These results suggest some individuals are willing to pay more for spatial isolation while some individuals will pay more for spatial co-presence. An obvious limitation of earlier research is a lack of comparative analysis between cities. Focusing on a single case study reduces the generalisability of the results and the extent to which different spatial contexts might value accessibility differently. The aim of this research was therefore to study the extent to which spatial network accessibility effects differ across cities in the UK. A hedonic price approach was used to explore the extent to which these differences are related to social-economic-mobility factors. Results show, both visually and quantitatively, the economic value of accessibility, measured using space syntax analysis, differs across geographical regions. The accessibility effect on house price ranges from strongly significant in London to insignificant in Birmingham. In general, the economic effect is weaker in smaller, more car dependent cities, with a greater proportion of the population employed in the manufacturing sector, and is stronger in cities that are denser, more walkable with greater productivity and a greater proportion of residents in the education sector. This exploration therefore suggests that the economic value placed upon urban accessibility may be related to a combination of mobility factors, its urban form and its economic profile. Finally, it appears that city productivity as measured by GVA is correlated with increased value placed upon accessibility.