Climbing the property ladder: An analysis of market integration in London property prices
We investigate the long-run convergence of house prices across the London boroughs based on a pairwise unit root probabilistic testing procedure. In sharp contrast to the earlier literature, we employ a dataset that distinguishes between four different types of property in each borough. Using a quar...
- Autores:
- Tipo de recurso:
- Fecha de publicación:
- 2018
- Institución:
- Universidad del Rosario
- Repositorio:
- Repositorio EdocUR - U. Rosario
- Idioma:
- eng
- OAI Identifier:
- oai:repository.urosario.edu.co:10336/23420
- Acceso en línea:
- https://doi.org/10.1177/0042098017692303
https://repository.urosario.edu.co/handle/10336/23420
- Palabra clave:
- Amenity
Convergence
Data set
Housing market
Probability
Property market
Quality of life
England
London [england]
United kingdom
Cointegration
Convergence
House prices
Pairwise
- Rights
- License
- Abierto (Texto Completo)
| Summary: | We investigate the long-run convergence of house prices across the London boroughs based on a pairwise unit root probabilistic testing procedure. In sharp contrast to the earlier literature, we employ a dataset that distinguishes between four different types of property in each borough. Using a quarterly dataset that spans from 1995 to 2014, we find evidence in favour of long-run convergence thereby suggesting that the great majority of London borough house prices are driven by a single common stochastic trend. In a further contribution, we offer new insights through analysing the determinants of long-run convergence, by considering the role of geographic proximity, type of accommodation and amenities (quality of life). © Urban Studies Journal Limited 2017. |
|---|