Table 4. Open in new tab Amenity Effects...

(Dependent variable: the log of house price per m\|$^2$\|⁠)
Share greenbelt land 0–500 m	0.1346***	0.1216***	0.1205***	0.1136***
	(0.0101)	(0.0118)	(0.0114)	(0.0137)
Share greenbelt land 500–1,000 m	−0.0009	−0.0020	−0.0070	−0.0123
	(0.0159)	(0.0204)	(0.0180)	(0.0200)
Share greenbelt land 1,000–1,500 m	0.0565***	0.0467	0.0361	0.0277
	(0.0211)	(0.0286)	(0.0234)	(0.0251)
Share greenbelt land 1,500–2,000 m	0.0483*	0.0215	0.0526*	0.0345
	(0.0253)	(0.0355)	(0.0279)	(0.0310)
Share greenbelt land 2,000–2,500 m	0.0453	0.0780*	0.0507	0.0509
	(0.0302)	(0.0421)	(0.0331)	(0.0368)
Share greenbelt land 2,500–3,000 m	−0.0229	−0.0042	−0.0183	−0.0329
	(0.0343)	(0.0497)	(0.0375)	(0.0421)
Share greenbelt land 3,000–3,500 m	0.0377	0.0629	0.0402	0.0443
	(0.0378)	(0.0526)	(0.0417)	(0.0486)
Share greenbelt land 3,500–4,000 m	−0.0366	−0.0059	−0.0276	−0.0314
	(0.0336)	(0.0455)	(0.0390)	(0.0441)
Housing attributes	Yes	Yes	Yes	Yes
Distance to the city centre	Yes	Yes	Yes	Yes
Distance to the border	No	No	Yes	Yes
Local authority fixed effects	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes
Number of observations	10,070,791	1,952,693	4,710,723	3,331,788
Bandwidth (km)	\|$\infty$\|	\|$\infty$\|	4	2
\|$R^2$\|	0.7770	0.7924	0.7700	0.7690

(Dependent variable: the log of house price per m|$^2$|⁠)

(1)

(2)

(3)

(4)

OLS

All

Greenbelts

Greenbelt

obs.

in 1973

border < 4 km

border < 2 km

Share greenbelt land 0–500 m

0.1346***

0.1216***

0.1205***

0.1136***

(0.0101)

(0.0118)

(0.0114)

(0.0137)

Share greenbelt land 500–1,000 m

−0.0009

−0.0020

−0.0070

−0.0123

(0.0159)

(0.0204)

(0.0180)

(0.0200)

Share greenbelt land 1,000–1,500 m

0.0565***

0.0467

0.0361

0.0277

(0.0211)

(0.0286)

(0.0234)

(0.0251)

Share greenbelt land 1,500–2,000 m

0.0483*

0.0215

0.0526*

0.0345

(0.0253)

(0.0355)

(0.0279)

(0.0310)

Share greenbelt land 2,000–2,500 m

0.0453

0.0780*

0.0507

0.0509

(0.0302)

(0.0421)

(0.0331)

(0.0368)

Share greenbelt land 2,500–3,000 m

−0.0229

−0.0042

−0.0183

−0.0329

(0.0343)

(0.0497)

(0.0375)

(0.0421)

Share greenbelt land 3,000–3,500 m

0.0377

0.0629

0.0402

0.0443

(0.0378)

(0.0526)

(0.0417)

(0.0486)

Share greenbelt land 3,500–4,000 m

−0.0366

−0.0059

−0.0276

−0.0314

(0.0336)

(0.0455)

(0.0390)

(0.0441)

Housing attributes

Yes

Distance to the city centre

Yes

Distance to the border

Yes

Local authority fixed effects

Yes

Year fixed effects

Yes

Number of observations

10,070,791

1,952,693

4,710,723

3,331,788

Bandwidth (km)

|$\infty$|

|$R^2$|

0.7770

0.7924

0.7700

0.7690

(Dependent variable: the log of house price per m\|$^2$\|⁠)
Share greenbelt land 0–500 m	0.1346***	0.1216***	0.1205***	0.1136***
	(0.0101)	(0.0118)	(0.0114)	(0.0137)
Share greenbelt land 500–1,000 m	−0.0009	−0.0020	−0.0070	−0.0123
	(0.0159)	(0.0204)	(0.0180)	(0.0200)
Share greenbelt land 1,000–1,500 m	0.0565***	0.0467	0.0361	0.0277
	(0.0211)	(0.0286)	(0.0234)	(0.0251)
Share greenbelt land 1,500–2,000 m	0.0483*	0.0215	0.0526*	0.0345
	(0.0253)	(0.0355)	(0.0279)	(0.0310)
Share greenbelt land 2,000–2,500 m	0.0453	0.0780*	0.0507	0.0509
	(0.0302)	(0.0421)	(0.0331)	(0.0368)
Share greenbelt land 2,500–3,000 m	−0.0229	−0.0042	−0.0183	−0.0329
	(0.0343)	(0.0497)	(0.0375)	(0.0421)
Share greenbelt land 3,000–3,500 m	0.0377	0.0629	0.0402	0.0443
	(0.0378)	(0.0526)	(0.0417)	(0.0486)
Share greenbelt land 3,500–4,000 m	−0.0366	−0.0059	−0.0276	−0.0314
	(0.0336)	(0.0455)	(0.0390)	(0.0441)
Housing attributes	Yes	Yes	Yes	Yes
Distance to the city centre	Yes	Yes	Yes	Yes
Distance to the border	No	No	Yes	Yes
Local authority fixed effects	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes
Number of observations	10,070,791	1,952,693	4,710,723	3,331,788
Bandwidth (km)	\|$\infty$\|	\|$\infty$\|	4	2
\|$R^2$\|	0.7770	0.7924	0.7700	0.7690

Table 4.

Open in new tab

Amenity Effects of Greenbelts: Spatial Decay.

(Dependent variable: the log of house price per m\|$^2$\|⁠)
	(1)	(2)	(3)	(4)
	OLS	OLS	OLS	OLS
	All	Greenbelts	Greenbelt	Greenbelt
	obs.	in 1973	border < 4 km	border < 2 km
Share greenbelt land 0–500 m	0.1346***	0.1216***	0.1205***	0.1136***
	(0.0101)	(0.0118)	(0.0114)	(0.0137)
Share greenbelt land 500–1,000 m	−0.0009	−0.0020	−0.0070	−0.0123
	(0.0159)	(0.0204)	(0.0180)	(0.0200)
Share greenbelt land 1,000–1,500 m	0.0565***	0.0467	0.0361	0.0277
	(0.0211)	(0.0286)	(0.0234)	(0.0251)
Share greenbelt land 1,500–2,000 m	0.0483*	0.0215	0.0526*	0.0345
	(0.0253)	(0.0355)	(0.0279)	(0.0310)
Share greenbelt land 2,000–2,500 m	0.0453	0.0780*	0.0507	0.0509
	(0.0302)	(0.0421)	(0.0331)	(0.0368)
Share greenbelt land 2,500–3,000 m	−0.0229	−0.0042	−0.0183	−0.0329
	(0.0343)	(0.0497)	(0.0375)	(0.0421)
Share greenbelt land 3,000–3,500 m	0.0377	0.0629	0.0402	0.0443
	(0.0378)	(0.0526)	(0.0417)	(0.0486)
Share greenbelt land 3,500–4,000 m	−0.0366	−0.0059	−0.0276	−0.0314
	(0.0336)	(0.0455)	(0.0390)	(0.0441)
Housing attributes	Yes	Yes	Yes	Yes
Distance to the city centre	Yes	Yes	Yes	Yes
Distance to the border	No	No	Yes	Yes
Local authority fixed effects	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes
Number of observations	10,070,791	1,952,693	4,710,723	3,331,788
Bandwidth (km)	\|$\infty$\|	\|$\infty$\|	4	2
\|$R^2$\|	0.7770	0.7924	0.7700	0.7690

(Dependent variable: the log of house price per m\|$^2$\|⁠)
	(1)	(2)	(3)	(4)
	OLS	OLS	OLS	OLS
	All	Greenbelts	Greenbelt	Greenbelt
	obs.	in 1973	border < 4 km	border < 2 km
Share greenbelt land 0–500 m	0.1346***	0.1216***	0.1205***	0.1136***
	(0.0101)	(0.0118)	(0.0114)	(0.0137)
Share greenbelt land 500–1,000 m	−0.0009	−0.0020	−0.0070	−0.0123
	(0.0159)	(0.0204)	(0.0180)	(0.0200)
Share greenbelt land 1,000–1,500 m	0.0565***	0.0467	0.0361	0.0277
	(0.0211)	(0.0286)	(0.0234)	(0.0251)
Share greenbelt land 1,500–2,000 m	0.0483*	0.0215	0.0526*	0.0345
	(0.0253)	(0.0355)	(0.0279)	(0.0310)
Share greenbelt land 2,000–2,500 m	0.0453	0.0780*	0.0507	0.0509
	(0.0302)	(0.0421)	(0.0331)	(0.0368)
Share greenbelt land 2,500–3,000 m	−0.0229	−0.0042	−0.0183	−0.0329
	(0.0343)	(0.0497)	(0.0375)	(0.0421)
Share greenbelt land 3,000–3,500 m	0.0377	0.0629	0.0402	0.0443
	(0.0378)	(0.0526)	(0.0417)	(0.0486)
Share greenbelt land 3,500–4,000 m	−0.0366	−0.0059	−0.0276	−0.0314
	(0.0336)	(0.0455)	(0.0390)	(0.0441)
Housing attributes	Yes	Yes	Yes	Yes
Distance to the city centre	Yes	Yes	Yes	Yes
Distance to the border	No	No	Yes	Yes
Local authority fixed effects	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes
Number of observations	10,070,791	1,952,693	4,710,723	3,331,788
Bandwidth (km)	\|$\infty$\|	\|$\infty$\|	4	2
\|$R^2$\|	0.7770	0.7924	0.7700	0.7690

Notes: Housing attributes include the log of house size, housing type dummies (flat, terraced, semi-detached, detached), the number of rooms and the number of habitable rooms, an indicator for newly built properties, the floor level of the property, the height of the property, the number of stories of the building, whether the property has a fire place, whether the property is freehold and variables capturing the energy efficiency of windows, roof, walls. Distance to the city centre refers to a linear, squared and cubic term of distance to the nearest city centre. Distance to the border refers to a linear and squared term of distance to the nearest greenbelt border on either side of the greenbelt border. Column (3) includes observations in areas that are in greenbelts that were approved or considered in 1973. In column (4) I include transactions that are within 2 km of a greenbelt boundary, respectively. SEs are clustered at the MSOA level and in parentheses. *** |$p\lt 0.01$|⁠, * |$p\lt 0.10$|⁠.

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