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Regional house price cycles in the UK, 1978-2012: a Markov switching VAR

Rosen Azad Chowdhury, Duncan Maclennan, Rosen Chowdhury Orcid Logo

Journal of European Real Estate Research, Volume: 7, Issue: 3, Pages: 345 - 366

Swansea University Author: Rosen Chowdhury Orcid Logo

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...

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Published in: Journal of European Real Estate Research
Published: 2014
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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first_indexed 2015-05-21T16:38:39Z
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spelling 2017-09-26T16:41:19.1147380 v2 21605 2015-05-21 Regional house price cycles in the UK, 1978-2012: a Markov switching VAR 6f0a211cd0023a2a351371189c33ae4b 0000-0003-1796-9603 Rosen Chowdhury Rosen Chowdhury true false 2015-05-21 ECON 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. Journal Article Journal of European Real Estate Research 7 3 345 366 Housing cycles, Markov switching, Regional housing system 31 10 2014 2014-10-31 10.1108/JERER-02-2014-0014 http://www.emeraldinsight.com/doi/abs/10.1108/JERER-02-2014-0014?journalCode=jerer COLLEGE NANME Economics COLLEGE CODE ECON Swansea University 2017-09-26T16:41:19.1147380 2015-05-21T01:48:29.3744986 Faculty of Humanities and Social Sciences School of Management - Economics Rosen Azad Chowdhury 1 Duncan Maclennan 2 Rosen Chowdhury 0000-0003-1796-9603 3 0021605-18122015113705.pdf ChowdhuryRegionalhousepricecyclesintheUKPostprint.pdf 2015-12-18T11:37:05.4570000 Output 1457396 application/pdf Accepted Manuscript true 2015-12-18T00:00:00.0000000 false
title Regional house price cycles in the UK, 1978-2012: a Markov switching VAR
spellingShingle Regional house price cycles in the UK, 1978-2012: a Markov switching VAR
Rosen Chowdhury
title_short Regional house price cycles in the UK, 1978-2012: a Markov switching VAR
title_full Regional house price cycles in the UK, 1978-2012: a Markov switching VAR
title_fullStr Regional house price cycles in the UK, 1978-2012: a Markov switching VAR
title_full_unstemmed Regional house price cycles in the UK, 1978-2012: a Markov switching VAR
title_sort Regional house price cycles in the UK, 1978-2012: a Markov switching VAR
author_id_str_mv 6f0a211cd0023a2a351371189c33ae4b
author_id_fullname_str_mv 6f0a211cd0023a2a351371189c33ae4b_***_Rosen Chowdhury
author Rosen Chowdhury
author2 Rosen Azad Chowdhury
Duncan Maclennan
Rosen Chowdhury
format Journal article
container_title Journal of European Real Estate Research
container_volume 7
container_issue 3
container_start_page 345
publishDate 2014
institution Swansea University
doi_str_mv 10.1108/JERER-02-2014-0014
college_str Faculty of Humanities and Social Sciences
hierarchytype
hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str School of Management - Economics{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Economics
url http://www.emeraldinsight.com/doi/abs/10.1108/JERER-02-2014-0014?journalCode=jerer
document_store_str 1
active_str 0
description 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.
published_date 2014-10-31T03:25:39Z
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score 11.037603

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