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Volume effects in the London housing market

Steve Cook Orcid Logo, Duncan Watson

International Journal of Housing Markets and Analysis, Volume: 11, Issue: 3, Pages: 586 - 602

Swansea University Author: Steve Cook Orcid Logo

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DOI (Published version): 10.1108/IJHMA-11-2017-0096

Abstract

This paper extends existing research in relation to both the importance of volume effects within housing markets and the specific behaviour of the London housing market. A detailed borough-level examination is undertaken of the relationships between volume, house prices and house price volatility. S...

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Published in: International Journal of Housing Markets and Analysis
ISSN: 1753-8270
Published: 2018
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URI: https://cronfa.swan.ac.uk/Record/cronfa38359
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Abstract: This paper extends existing research in relation to both the importance of volume effects within housing markets and the specific behaviour of the London housing market. A detailed borough-level examination is undertaken of the relationships between volume, house prices and house price volatility. Support for alternative housing market theories, the degree of heterogeneity in house price behaviour across boroughs and the extent to which housing displays differing properties to other financial assets are examined.Correlation analyses, causality testing and volatility modelling are undertaken in extended forms which synthesise and extend approaches within the housing, economics and finance literatures. The various modelling and testing techniques are supplemented via the use alternative variable transformations to evaluate housing market behaviour in detail.Novel findings are provided concerning both volume effects within housing markets generally and the specific properties of London housing market. Evidence concerning bubbles, the volatility-reducing effects of volume, the importance of geographical and price-related factors underlying the relationship between volume and both house price growth and volatility, and the presence of asymmetric adjustment in the London housing market are all provided. The extent and nature of the support available for alternative housing market theories are evaluated.The volatility-reducing effects of volume within housing markets, along with volume effects and the presence of asymmetric adjustment within the London housing market are examined for the first time. New empirical evidence on the support for alternative housing market theories and the differing empirical characteristics of housing relative to other financial assets are presented.
College: Faculty of Humanities and Social Sciences
Issue: 3
Start Page: 586
End Page: 602

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