Book reviews

systems the most, is the way they mobilize financial resources to provide these housing loans. It is important to keep in mind the distinction between lending for housing, which is a special- ized activity requiring trained skills, and specialist housing finance institu- tions which provide only housing loans. In fact many, but not all, specialist housing finance institutions are government-owned; their main function is to finance public program- mes at terms more favourable than current market conditions would per- mit.

The first chapter presents a simple but robust framework for comparing what might initially appear to be a luxuriant wilderness of names and institutional forms. Boleat considers four basic types of housing finance systems:

the direct system, where house- holds use informal arrangements in the absence of financial institu- tions; the contractual system, based on the notion of reciprocity between savers and borrowers and the strength of housing goals as a motivation for saving - an approach extensively used in FRG and Austria; the deposit taking system, where deposit banks use part of their deposits to make housing loans; the mortgage bank system, where lenders mobilize long-term funds from other financial institutions such as pension funds, insurance companies, banks and other de- posit taking institutions.

Specific institutions match these four systems; commercial banks, savings banks, specialist savings banks, con- tractual institutions and mortgage

banks.

Time series

A second chapter containing an inter- national comparison of the level of home ownership is informative, yet its quantitative information is more illus- trative than definitive. While the fact- book is very helpful in terms of institutional information, there are significant pitfalls in making quantita- tive comparisons across a large num- ber of very different countries. The

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development of standardized data ranks high as a priority for future editions. Forty-four individual country chapters of unequal length and a few chapters describing regional profes- sional organizations make up the ba- lance of the book.

This factbook is a very good start. An experienced housing finance read- er will gain much insight into indi- vidual countries in a fairly short amount of time. The institutional in- formation on individual countries is useful and typically reliable. Equally important, a very useful information network has been built up during the execution of this project. The 19X7 Factbook would benefit from a less monographic approach of country de- scriptions and much remains to be done regarding the standardization of the information.

In terms of basic comparative data, future editions should include time series on both the financial sector and the housing sector. Such information would give the reader a greater under- standing of the structure of savings markets where funds are mobilized, the structure of housing markets and

their degree of segmentation, as well as the types of housing to be financed. Description of the type of mortgage instruments in use and the ‘financial infrastructure’, such as mortgage in- surance or deposit insurance, would also be useful. If this can be done, managers or policy analysts using this source book will have a very good idea of which countries are successful in financing the sector. The next step is to find effective means of co-operation between IUBSSA, international orga- nizations like the World Bank and regional organizations in order to pro- vide the financial profession with operational information similar in quality and scope to that available in other fields such as urban transporta- tion or water supply.

Bertrand Renaud Housing Finance Adviser

The World Bank Washington, DC

‘Mark Boleat, National Housing Finance Systems. A Comparative Study, Croom Helm/lUBSSA, London, UK 1985, 489 pp.

The workplace revolution

THE WORKPLACE REVOLUTION

Healey & Baker, 29 St George Street, Hanover Square, London WlA 3BG, UK, 1986,204 pp. f22.50

Healey & Baker’s The Workpluce Revolution, examines evolving prop- erty market characteristics stimulated by changing social and demographic trends, the regrouping and growth of the financial services sector and the restructuring of industry and com- merce.

It is particularly pleasing to see a substantial book which is the work of practitioners rather than academics and to have a view based on experi- ence rather than theory. The book uses research and the expertise from the senior staff within Healey & Baker and a distinguished panel of experts commissioned to provide a wide range

of contributions. This well illustrated book is probably part of the corporate public relations effort. Nevertheless, this volume makes a worthwhile con- tribution to the knowledge of UK real estate investment.

James Morrell sets the scene with a useful article on technological changes in working and social patterns and their implications for the property industry. Importantly, he points to the impact of changing gender roles, and the widening divisions between the affluent sectors of society where at least one member of the household is earning, and marginalized commun- ities stricken by low skill and high unemployment. The implications of technological advances in manufactur- ing processes and the increasing num- ber of part-time female workers, together with reductions in working hours and the drift of population away

CITIES February 1988

operating and supply procedures would have been useful.

Alan Tate’s discussion of national parks and green belts looks at leisure trends and developments and the need for the increased utilization of sites. Michael Crook examines the role of town planning control and its effect on business location. 1 Ie rightly argues for a more flexible and responsive system. However. he neglects the important role that many local plan- ning authorities play in encouraging development and promoting joint re- development schemes.

Angus McIntosh outlines the na- ture, extent and shape of the office and industrial property market, set- ting out its role within an investment portfolio. He examines the itnport- ante of location for rental growth for different sectors of the market and provides a useful summary of the current UK market. He further discus- ses the methods and justification of portfolio analysis and the measurc- ment of investment perfortnance.

from the older urban centres, will have a profound effect on future property supply and demand.

Angus McIntosh, in the first of several contributions as lIead of Re- search at Healey & Baker, examines the changing requirements of office users as indicated by a national office tenants survey. [Iere. the compara- tively short distance of all office moves is useful information to those trying to attract ntw office activity. Naturally, the image of the organization and the working environment were tnorc itn- portant than many of the other fac- tors. Similarly, the value of car park- ing for offices, particul;irly in city centre locations. cannot be under- stated and that lesson should not be lost on developers and local authority planners alike. For architects and other building designers, the itnport- ante of cable trunking. Irequired for Installing new technology through huch tncans as suspended flooring, ha\ been particularly highly rioted.

Continuing the theme of new tcch- nology. ft otn an architectural perspec- tive, Frattcis Duffy describes the im- pact of ‘The City Revolution’ on office space, based upon the requirements of new technology. It is argued that the characteristics and functions of office building\ are becoming more impor- tant because of new technology and the changing skills and expectations of the worktorcc. This brief treatise out- lines the need for market segmenta- tion for each sector of the office market, but it would have been more valuable had a deeper analysis for these difterent sectors of the market and their needs been proffered. llowever. a redeeming factor is the interesting analysis of 1 I contcmpor- ary central London office buildings and their ‘flexibility of space rating.

Managerial approaches

Keith Saunders usefully reviews the managerial approaches to moving office, cclioing the primacy of size and quality of office buildings in the reasons for moves. He stresses the importanc.c of pre-planning and the establishment of a projtct team to oversee the move. This will incorpo- rate such Issues as staff policy and new technology requirement’s, together

with a long term view of actual space requirements, including the ancillary functions. When considering space planning issues, factors such as net floor sizes, their flexibility and the general environment when facilities have been installed, need to bc borne

in mind.

Manufacturing industry

Jeremy Garnett’s contribution discus- ses London’s importance as an inter- national financial trading centre and looks at the need for new functional office buildings, describing the growth of the foreign exchange market and the size of its labour force. Conse- quential pressures have caused a revi- sion in The City of London’s planning policies, with a reconsideration of plot ratio controls, and have also signifi- cantly increased the role of London’s Docklands.

Jolyon Drury describes divergent trends in manufacturing industry. varying between the high technology production processes and craft indus- tries and traditional industries seeking survival. He rightly argues that build- ings’ characteristics should be deter- mined by the processes within them rather than the nature of the product. He describes not only the process requirements for different types of factory but also takes into account social and behavioural considerations.

John Organ examines decline in the manufacturing industry, and the growth of high technology companies and their requirements. He examines the changes in industrial structure, and the general characteristics of high technology property requirements. He understates the importance of govern- ment contracts and the proximity to markets for these companies. but he does highlight the need for higher quality buildings to accommodate them wherever their location.

In describing the changing role of the warehouse, Len Payne considers recent commercial and business trends that meet the changing demands of the consumer. He outlines the importance of transport links and the locational and site requirements of the ware- house. but some discussion on its relationship with the changing struc- ture of retailing, stockholding and

Property management

The final chapters cover the active management of property where James Hollington discusses the need for old- er buildings to have intensive manage- ment and upgrading. The options for refurbishment are set out, covering the issues associated with the assess- ment of redevelopment versus refur- bishment providing interesting case studies. Andrew Cherry looks at the effects of obsolescence on property valuation, distinguishing between building values and land values. which can have varying individual consti- tuents. Stephen Sykes examines the need for the constant maintenance and refurbishment necessary to main- tain the value of property assets. and the need for future capital cxpenditurc to be treated as an ongoing cost if projected rates of return are to be maintained. Roger Moore takes an investment view of recent events with- in the property share market, looking at the specialization of sectors within the overall market and the nee ! for a careful approach to company apprais- a . I

Tony McKenna takes the argument for active property management furth-

CITIES February 1988 105

Book reviewslRecent policy urticles

er, arguing the need for performance appraisal, bearing in mind trends in building design and the increasing sophistication of tenants. Barry Denyer-Green examines recent events in the Landlord and Tenant Law in

relation to the needs of owners and occupiers of offices and industrial premises. He studies the changing requirements of occupiers of business premises in terms of the space and type of premises they occupy. He cites relevant recent judgements demon- strating the need for a more flexible approach by landlords in meeting the demand for shorter leases and less onerous repair and insurance obliga- tions.

This book was ambitious in its conception, but nevertheless indicates

the increasing sophistication of the property industry and an awareness of wider social and economic influences on property development and per- formance. As with all quality works, it is felt that certain themes should have been developed further, but given the authors’ inevitable time constraints and the objectives of a comprehensive coverage of the major issues, the book provides a valuable insight into the new attitudes to commercial invest- ment and property management and is worthy of inspection by a wider audi- ence of practitioners and academics alike.

Tony Brown Senior Town Planner

Blackburn Borough Council, UK

Recent policy articles General public provisions L. Bondi, ‘School closures and local poli- tics: the negotiation of primary school rationalization in Manchester’, Politicul Geography Quarterly, Vol 6, No 3, July 1987, pp 203-224.

S.G. Kamara, ‘Effect of local variations in public services on housing production at the fringe of a growth-controlled multi- county metropolitan area’, Urban Studie.c-. Vol 24, No 2. April 19X7, pp 109-l 18.

C. Wren, ‘The relative effects of local authority financial assistance politics’, Urban Studies, Vol 24, No 4, August 1987, pp 26X-278.

Planning theory and practice A.J. Christopher. ‘Apartheid planning in South Africa: the case of Port Elizabeth’, Geographical Journul, Vol 153, No I, March 1987, pp 195-204.

R. Ellson and J. McDermott, ‘Zoning uncertainty and the urban land develop- ment firm’, Journal of Urban Economics, Vol22, No 2, September 1987, pp 209-222.

M.H. Lang, ‘Citizen participation in urban planning: planner attitudes, administrative frameworks’, Geojournal, Vol 14, No 2, March 1987, pp 227-235.

S. Openshaw, ‘Research policy and review 17. Some applications of supercomputers in urban and regional analysis and modell-

106

ing’, Environment and Planning A, Vol IY, No 7. July 1987. pp X53-860.

M. Smcts, ‘Belgian reconstruction after WWl: a transition from civic art to urban planning’, Planning Perspectiws. Vol 2, No 1, January 1987, pp l-27.

C.J. Thomas and R.D.F. Bromley, ‘The growth and functioning of an unpianncd retail park: the Swansca enterprise zone’, Regional Studie.v, Vol 21. No 4. August 1987, pp 2X7-300.

Third World urbanization E.M. Bjorklund, ‘Olcriculture and urban development in China’, Tijdschrift \‘oor Economische en Sociale Geogrufie, Vol 7X. No I, 1987. pp 2-15.

S. Chant and P. Ward, ‘Family structure and low-income housing policy’, Third World Planning Review. Vol Y. No I, February 1987, pp S-20.

S.A.B. Ekanayake, ‘Location specificity, settler type and productive efficiency: a study of the Mahaweli project in Sri Lanka’, The Journal of Development Stu- dies, Vol 23, No 4, July 1987, pp SOY-521.

W.J. House, ‘Labor market diffcrcntiation in a developing economy: an example from Urban Juba, Southern Sudan’, World De-

velopment, Vol 15, No 7, July 1987, pp X77-898.

S. G. Kamara, et al. ‘Socio-economic

cultural influences on housing in Bcngha- zi‘, Third World Planning Review. Vol 9, No 1, February 1987, pp 65-76.

F.C. Okafor, ‘The structure of urban rc- source allocation in Nigeria: a case study ot Benin City‘, Tijd.whrift voor Economi.sche en Sociale Geografie, Vol 78, No 3, lYX7, pp 222-23 I.

D.C.I. Okpala, ‘Rcccivcd concepts and theories in African urhanisation studies and urban management strategies: a criti- que‘. Urban Studies, Vol 24, No 2. April 1987. pp 137-150.

H.A. Pasha, ‘Housing for temporary rcsi- dents: a study of pilgrims in Makkah’, Urbun Studies, Vol 24. No 4, August 19X7, pp 312-324.

H.W. Richardson, ‘Whither national urban policy in developing countries?‘. Urban Studies, Vol 24, No 3, June 19X7, pp 227-244.

A.M. Soliman, ‘Informal land acquisition and the urban poor in Alexandria’, Third World Plunning Review. Vol Y, No I. February lY87, pp 21-10.

R.A. Olu Sulc. ‘Modernisatton in cities of Nigeria: a study of the recent thatched houses prohibition policy in Calahar (Cross River State)‘, Geojournul. Vol 15, No I, July 19x7, pp 67-75.

B. Sanyal, ‘Problems of cost-rccovcry in development projects: experience of the Lusaka Squatter Upgrading and Site/ Service Project’. Urban StudA, Vol 24. No 4, August 1987. pp 2X5-295.

A. Varlcy, ‘The relationship between tc- nurc Icgalization and housing improve- ments: evidence from Mexico City’_ nr- velopment and Change, Vol 1X, No 3. July lY87. pp 463-481.

Y.A.D.S. Wanasinghe, ‘A study ofservicc ccntrcs and the evolving patterns of link- ages in the Mahaweli Development Arca’. Geojournal, Vol 14. No 2, March IYX7, pp 237-2s 1.

L.H. Wang and A.G. Yeh. ‘Public housing-led new town development: Hong Kong and Singapore’, Third World Plarr- nirlg Review, Vol 9, No 1, February lY87, pp 41-64.

A.G. Ych and H. Yuan. ‘Satellite town development in China: problems and pros- pects’, Tijdschrift voor Economische en Sociale Geografie, Vol 78, No 3, 1987, pp I9&200.

Urban housing policy S.C. Aitkin, ‘Evaluative criteria and social distinctions in renters’ residential search

CITIES February 1988