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Climbing the property ladder: An analysis of market integration in London property prices
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Autores
Holmes, Mark J
Otero Cardona, Jesús Gilberto
Panagiotidis, Theodore
Fecha
2018
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SAGE Publications Ltd
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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). © Urban Studies Journal Limited 2017.
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Keywords
Amenity , Convergence , Data set , Housing market , Probability , Property market , Quality of life , England , London [england] , United kingdom , Cointegration , Convergence , House prices , Pairwise
