Although there have been many initiatives designed to regenerate relatively run-down and deprived parts of major urban areas, there have been surprisingly few attempts to value their benefits. This article presents the findings of research that has sought to value the benefits of urban regeneration policies. The focus has been on devising an approach that can build on the evidence provided from urban evaluations undertaken in many countries at the present time. It uses established techniques and statistical data sources that are fairly readily available. The evaluation of urban policy is subject to substantial conceptual and measurement problems and this should be recognised in interpreting valuation results and thus benefit–cost ratios. The article shows how the approach can be applied by drawing on recent UK evaluation evidence and data for England. It concludes by discussing where future research might be directed.