Journal article 1754 views 417 downloads
Regional house price cycles in the UK, 1978-2012: a Markov switching VAR
Rosen Azad Chowdhury,
Duncan Maclennan,
Rosen Chowdhury 
Journal of European Real Estate Research, Volume: 7, Issue: 3, Pages: 345 - 366
Swansea University Author:
Rosen Chowdhury
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DOI (Published version): 10.1108/JERER-02-2014-0014
Abstract
There is an extensive literature on UK regional house price dynamics, yet empirical work focusing on the duration and magnitude of regional housing cycles has received little attention. This paper employs Markov Switching Vector auto regression (MSVAR) methods to examine UK house price cycles in UK...
| Published in: | Journal of European Real Estate Research |
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| Published: |
2014
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| Online Access: |
http://www.emeraldinsight.com/doi/abs/10.1108/JERER-02-2014-0014?journalCode=jerer |
| URI: | https://cronfa.swan.ac.uk/Record/cronfa21605 |
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| Abstract: |
There is an extensive literature on UK regional house price dynamics, yet empirical work focusing on the duration and magnitude of regional housing cycles has received little attention. This paper employs Markov Switching Vector auto regression (MSVAR) methods to examine UK house price cycles in UK regions at NUTS1 level. The research findings indicate that the regional structure of the UK house market is best described as two large groups of regions with marked differences in the amplitude and duration of the cyclical regimes between the two groups. These differences have implications for the design of both macroeconomic and housing sector policies. |
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| Keywords: |
Housing cycles, Markov switching, Regional housing system |
| College: |
Faculty of Humanities and Social Sciences |
| Issue: |
3 |
| Start Page: |
345 |
| End Page: |
366 |