What is it about?
The research investigated the long term capital appreciation of English land compared to other asset classes using a chain linking approach. It integrated several land price sources to estimate the average annualized increase in English land prices over past couple of hundred years (capital gains).
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Why is it important?
People want to know who actually owns England and whether land is a privileged asset class. We found that despite fluctuations, over the long term and in aggregate land provided better sustained capital gains than other asset classes, notwithstanding its hereditary benefits, income subsidies and its immense peri-urban development uplift potential . This obviously has wide ranging investment and policy implications for Land Value Tax or ways to fund England's chronic regional under-investment.
Perspectives
The paper provides the scientific underpinning for tax reform (Land Value Tax) as a vehicle to help fund England's chronic regional under-investment and to address the pernicious issue of wealth inequality in these islands.
Dr Simon Hugh Huston
Coventry University
Read the Original
This page is a summary of: Two centuries of farmland prices in England, Journal of Property Research, November 2017, Taylor & Francis,
DOI: 10.1080/09599916.2017.1393450.
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