THE DYNAMICS OF UK NATIONAL AND REGIONAL HOUSE PRICES
- 1 July 1996
- journal article
- Published by Wiley in Review of Urban & Regional Development Studies
- Vol. 8 (2) , 186-201
- https://doi.org/10.1111/j.1467-940x.1996.tb00117.x
Abstract
In this paper, the Johansen cointegration technique is applied to modeling the dynamics of national and regional house prices. It is concluded that household income, real mortgage rate and housing completions are significant factors influencing house price changes at the national level. The underlying structure of the national market is investigated, showing that while price trends in some regions of the UK are strongly related by causal processes, others are relatively independentKeywords
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