No Cover Image

Journal article 588 views 90 downloads

Regional house price cycles in the UK, 1978-2012: a Markov switching VAR / Rosen Azad Chowdhury; Duncan Maclennan

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

Swansea University Author: Chowdhury, Rosen

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...

Full description

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
Tags: Add Tag
No Tags, Be the first to tag this record!
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 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.
Keywords: Housing cycles, Markov switching, Regional housing system
College: School of Management
Issue: 3
Start Page: 345
End Page: 366