In an earlier paper we explored the dynamics of speculation in the housing market using national data for England. We argued, firstly, that the increase, in real terms, in house prices over the past thirty years or so has been primarily driven by the shortage of land permitted to be used for...

Analyses of a speculative housing boom (see Malpezzi and Wachter, 2005) tend to treat the housing market as an indivisible whole, and so treat housing as an investment asset not dissimilar to other, more liquid, investments such as stocks and shares. However it is dissimilar. In the first place...

Contrary to the trend in the 1980s when individuals began to purchase their own homes at an ever earlier age, Britain in the 1990s experienced a sharp fall in household formation rates among the young and in home ownership rates among the 20-44 age group. Part of this decline may be explained by...

ERES:conference

ERES:conference

[abstract missing - contribution appeared in the programme]

"This paper examines the trends of the prices of different dwelling types in the UK. We attempt to explain three features of the data: (i) the long-run relationship between the prices; (ii) the reasons why flat prices tend to lead the prices of other dwelling types; and (iii) the relatively...

The primary question addressed in this paper is how media coverage of the U.S. housing market relates to changes in the housing market. Specifically, does the news about the residential real estate market lag changes in observed changes in the market (representing the case where the media simply...

ERES:conference

Housing subsidies are often justified by claims that high quality housing improves households’ economic and social outcomes. The goal of our research is to undertake a comprehensive empirical study of the causal impact of housing characteristics on the cognitive, behavioral, and health...