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Volume effects in the London housing market / Steve Cook, Duncan Watson

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

Swansea University Author: Steve Cook

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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spelling 2018-10-26T18:16:50.3423457 v2 38359 2018-01-31 Volume effects in the London housing market fce851eab28f6d8126d9bcd88250c6d5 0000-0002-1820-8390 Steve Cook Steve Cook true false 2018-01-31 ECON 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. Journal Article International Journal of Housing Markets and Analysis 11 3 586 602 1753-8270 30 6 2018 2018-06-30 10.1108/IJHMA-11-2017-0096 COLLEGE NANME Economics COLLEGE CODE ECON Swansea University 2018-10-26T18:16:50.3423457 2018-01-31T13:08:52.2707441 School of Management Accounting and Finance Steve Cook 0000-0002-1820-8390 1 Duncan Watson 2 0038359-20062018114805.pdf 38359.pdf 2018-06-20T11:48:05.7170000 Output 1460371 application/pdf Version of Record true 2018-06-20T00:00:00.0000000 true eng
title Volume effects in the London housing market
spellingShingle Volume effects in the London housing market
Steve, Cook
title_short Volume effects in the London housing market
title_full Volume effects in the London housing market
title_fullStr Volume effects in the London housing market
title_full_unstemmed Volume effects in the London housing market
title_sort Volume effects in the London housing market
author_id_str_mv fce851eab28f6d8126d9bcd88250c6d5
author_id_fullname_str_mv fce851eab28f6d8126d9bcd88250c6d5_***_Steve, Cook
author Steve, Cook
author2 Steve Cook
Duncan Watson
format Journal article
container_title International Journal of Housing Markets and Analysis
container_volume 11
container_issue 3
container_start_page 586
publishDate 2018
institution Swansea University
issn 1753-8270
doi_str_mv 10.1108/IJHMA-11-2017-0096
college_str School of Management
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hierarchy_top_title School of Management
hierarchy_parent_id schoolofmanagement
hierarchy_parent_title School of Management
department_str Accounting and Finance{{{_:::_}}}School of Management{{{_:::_}}}Accounting and Finance
document_store_str 1
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description 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.
published_date 2018-06-30T03:58:13Z
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