Graffiti may hold key to house price increase
May 9, 2016 18:24:44 GMT
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Post by IggyWiggy on May 9, 2016 18:24:44 GMT
Think graffiti in your area can only be a bad thing? Well academics have found that the number of photos of street art shared on social media is linked to rising house prices.
The study by the University of Warwick compared the number of photos uploaded, to the cost of London house prices over a 10 year period.
Researchers looked at images which had been tagged with a location and uploaded to photograph site Flickr.
They found that the higher the number of photographs tagged 'art' had the largest gains in property prices.
Proportion of ‘art’ photographs uploaded to Flickr from 2004 to 2013 in Inner London postcode areas Credit: University of Warwick
Relative change of mean residential property prices and the relation to ‘art’ photographs in Inner London postcode areas Credit: University of Warwick
"Our results suggest that art is indeed associated with improving economic conditions of urban neighbourhoods.
More generally, our analysis demonstrates that data on our online interactions can provide novel measurements of the environment in which we live.
These measurements reveal that the visual environment may affect aspects of our life as crucial as economic development."
– REPORT FINDINGS
www.itv.com/news/london/2016-05-09/graffiti-may-hold-key-to-house-price-increase/
