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House price affordability, the global financial crisis and the (ir)relevance of mortgage rates

Graham Squires, Don Webber Orcid Logo

Regional Studies, Regional Science, Volume: 6, Issue: 1, Pages: 405 - 420

Swansea University Author: Don Webber Orcid Logo

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DOI (Published version): 10.1080/21681376.2019.1643777

Abstract

Although house prices and wages are both influenced by distinct factors that shape their own evolutions, they are also intrinsically connected through house price affordability. Standard theory suggests that macroeconomic policies centred around adjustments in the mortgage rate are of prime importan...

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Published in: Regional Studies, Regional Science
ISSN: 2168-1376
Published: Taylor and Francis 2019
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URI: https://cronfa.swan.ac.uk/Record/cronfa51314
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first_indexed 2019-08-16T21:30:02Z
last_indexed 2019-08-16T21:30:02Z
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spelling 2019-08-16T14:23:09.2001818 v2 51314 2019-08-05 House price affordability, the global financial crisis and the (ir)relevance of mortgage rates f5ace0e1662cfb08e5fe867da2c193ea 0000-0002-1488-3436 Don Webber Don Webber true false 2019-08-05 BEC Although house prices and wages are both influenced by distinct factors that shape their own evolutions, they are also intrinsically connected through house price affordability. Standard theory suggests that macroeconomic policies centred around adjustments in the mortgage rate are of prime importance in ensuring that the housing market does not overheat. This study contributes to the understanding of the link between housing market affordability and mortgage rates by investigating this association across regions of New Zealand using quarterly data between 2000-2017. Applications of trajectory regression reveal that the global financial crisis affected regional house price affordability asymmetrically and there was no statistically significant correlation between house price affordability and mortgage rates. Journal Article Regional Studies, Regional Science 6 1 405 420 Taylor and Francis 2168-1376 Affordability; House Prices; Mortgage Interest; Wages; Affordability Growth; Regional Affordability; Affordability Trajectories 5 8 2019 2019-08-05 10.1080/21681376.2019.1643777 COLLEGE NANME Economics COLLEGE CODE BEC Swansea University Processing charge paid for by co-author 2019-08-16T14:23:09.2001818 2019-08-05T13:46:51.2218797 Graham Squires 1 Don Webber 0000-0002-1488-3436 2 0051314-16082019142144.pdf 51314.pdf 2019-08-16T14:21:44.4500000 Output 1514820 application/pdf Version of Record true 2019-08-15T00:00:00.0000000 Released under the terms of a Creative Commons Attribution License (CC-BY). true eng
title House price affordability, the global financial crisis and the (ir)relevance of mortgage rates
spellingShingle House price affordability, the global financial crisis and the (ir)relevance of mortgage rates
Don Webber
title_short House price affordability, the global financial crisis and the (ir)relevance of mortgage rates
title_full House price affordability, the global financial crisis and the (ir)relevance of mortgage rates
title_fullStr House price affordability, the global financial crisis and the (ir)relevance of mortgage rates
title_full_unstemmed House price affordability, the global financial crisis and the (ir)relevance of mortgage rates
title_sort House price affordability, the global financial crisis and the (ir)relevance of mortgage rates
author_id_str_mv f5ace0e1662cfb08e5fe867da2c193ea
author_id_fullname_str_mv f5ace0e1662cfb08e5fe867da2c193ea_***_Don Webber
author Don Webber
author2 Graham Squires
Don Webber
format Journal article
container_title Regional Studies, Regional Science
container_volume 6
container_issue 1
container_start_page 405
publishDate 2019
institution Swansea University
issn 2168-1376
doi_str_mv 10.1080/21681376.2019.1643777
publisher Taylor and Francis
document_store_str 1
active_str 0
description Although house prices and wages are both influenced by distinct factors that shape their own evolutions, they are also intrinsically connected through house price affordability. Standard theory suggests that macroeconomic policies centred around adjustments in the mortgage rate are of prime importance in ensuring that the housing market does not overheat. This study contributes to the understanding of the link between housing market affordability and mortgage rates by investigating this association across regions of New Zealand using quarterly data between 2000-2017. Applications of trajectory regression reveal that the global financial crisis affected regional house price affordability asymmetrically and there was no statistically significant correlation between house price affordability and mortgage rates.
published_date 2019-08-05T04:03:09Z
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score 11.012678

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