TY - JOUR
T1 - Climbing the property ladder
T2 - An analysis of market integration in London property prices
AU - Holmes, Mark J.
AU - Otero, Jesús
AU - Panagiotidis, Theodore
N1 - Funding Information:
We gratefully acknowledge the helpful comments and suggestions made by seminar participants at the Universidad del Rosario (Bogota), conference participants at the 2016 meeting of the New Zealand Association of Economists, and three anonymous referees. The usual disclaimer applies. This research received no specific grant from any funding agency in the public, commercial, or not-for-profit sectors.
Publisher Copyright:
© Urban Studies Journal Limited 2017.
Copyright:
Copyright 2018 Elsevier B.V., All rights reserved.
PY - 2018/9/1
Y1 - 2018/9/1
N2 - 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).
AB - 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).
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U2 - 10.1177/0042098017692303
DO - 10.1177/0042098017692303
M3 - Article
AN - SCOPUS:85043394771
SN - 0042-0980
VL - 55
SP - 2660
EP - 2681
JO - Urban Studies
JF - Urban Studies
IS - 12
ER -