Climbing the property ladder: An analysis of market integration in London property prices

Título traducido de la contribución: Subiendo la escalera de la propiedad: Un análisis de la integración del mercado en los precios inmobiliarios de Londres

Jesús Otero, Mark J. Holmes, Theodore Panagiotidis

Resultado de la investigación: Contribución a RevistaArtículo

1 Cita (Scopus)

Resumen

Investigamos la convergencia a largo plazo de los precios de la vivienda en todos los distritos de Londres sobre la base de un procedimiento de prueba probabilístico de la raíz unitaria por pares. En fuerte contraste con la literatura anterior, empleamos un conjunto de datos que distingue entre cuatro tipos diferentes de propiedad en cada municipio. Utilizando un conjunto de datos trimestrales que abarca desde 1995 hasta 2014, encontramos pruebas a favor de la convergencia a largo plazo que sugieren que la gran mayoría de los precios de la vivienda del distrito de Londres están impulsados por una única tendencia estocástica común. En otra contribución, ofrecemos nuevas perspectivas a través del análisis de los determinantes de la convergencia a largo plazo, considerando el papel de la proximidad geográfica, el tipo de alojamiento y los servicios (calidad de vida).
Idioma originalEnglish (US)
Páginas (desde-hasta)1 - 22
PublicaciónUrban Studies
DOI
EstadoPublished - 2017

Huella dactilar

market
testing procedure
amenity
quality of life
accommodation
determinants
trend
evidence
price
analysis
literature

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abstract = "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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Climbing the property ladder: An analysis of market integration in London property prices. / Otero, Jesús; Holmes, Mark J.; Panagiotidis, Theodore.

En: Urban Studies, 2017, p. 1 - 22.

Resultado de la investigación: Contribución a RevistaArtículo

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AU - Otero, Jesús

AU - Holmes, Mark J.

AU - Panagiotidis, Theodore

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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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