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Exuberance in the U.K. Regional Housing Markets

Research output: Working paper

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Exuberance in the U.K. Regional Housing Markets. / Pavlidis, Efthymios; Paya, Ivan; Peel, David Alan; Yusupova, Alisa Yevgenyevna.

Lancaster : Lancaster University, Department of Economics, 2017. (Economics Working Paper Series).

Research output: Working paper

Harvard

Pavlidis, E, Paya, I, Peel, DA & Yusupova, AY 2017 'Exuberance in the U.K. Regional Housing Markets' Economics Working Paper Series, Lancaster University, Department of Economics, Lancaster.

APA

Pavlidis, E., Paya, I., Peel, D. A., & Yusupova, A. Y. (2017). Exuberance in the U.K. Regional Housing Markets. (Economics Working Paper Series). Lancaster University, Department of Economics.

Vancouver

Pavlidis E, Paya I, Peel DA, Yusupova AY. Exuberance in the U.K. Regional Housing Markets. Lancaster: Lancaster University, Department of Economics. 2017 May. (Economics Working Paper Series).

Author

Pavlidis, Efthymios ; Paya, Ivan ; Peel, David Alan ; Yusupova, Alisa Yevgenyevna. / Exuberance in the U.K. Regional Housing Markets. Lancaster : Lancaster University, Department of Economics, 2017. (Economics Working Paper Series).

Bibtex

@techreport{87dd1435d95d41ba85c6f01d959386ea,
title = "Exuberance in the U.K. Regional Housing Markets",
abstract = "We combine the estimation of a structural model with inference based on recently developed recursive unit root tests to analyse the behaviour of regional real estate markets in the U.K. over the last four decades. We find two episodes, the late 1980s and the early and mid-2000s, when all regional house prices experienced explosive dynamics above and beyond factors such as housing supply relative to demographics, income, regional spillovers and credit availability. This is the first econometric analysis to provide evidence that would endorse the view that {\textquoteleft}bubbles{\textquoteright}, with a particular spatial pattern, are a feature of UK regional housing markets.",
keywords = "Regional house prices, Structural housing model, Cointegration, Generalised supremum ADF, Speculative bubbles",
author = "Efthymios Pavlidis and Ivan Paya and Peel, {David Alan} and Yusupova, {Alisa Yevgenyevna}",
year = "2017",
month = may,
language = "English",
series = "Economics Working Paper Series",
publisher = "Lancaster University, Department of Economics",
type = "WorkingPaper",
institution = "Lancaster University, Department of Economics",

}

RIS

TY - UNPB

T1 - Exuberance in the U.K. Regional Housing Markets

AU - Pavlidis, Efthymios

AU - Paya, Ivan

AU - Peel, David Alan

AU - Yusupova, Alisa Yevgenyevna

PY - 2017/5

Y1 - 2017/5

N2 - We combine the estimation of a structural model with inference based on recently developed recursive unit root tests to analyse the behaviour of regional real estate markets in the U.K. over the last four decades. We find two episodes, the late 1980s and the early and mid-2000s, when all regional house prices experienced explosive dynamics above and beyond factors such as housing supply relative to demographics, income, regional spillovers and credit availability. This is the first econometric analysis to provide evidence that would endorse the view that ‘bubbles’, with a particular spatial pattern, are a feature of UK regional housing markets.

AB - We combine the estimation of a structural model with inference based on recently developed recursive unit root tests to analyse the behaviour of regional real estate markets in the U.K. over the last four decades. We find two episodes, the late 1980s and the early and mid-2000s, when all regional house prices experienced explosive dynamics above and beyond factors such as housing supply relative to demographics, income, regional spillovers and credit availability. This is the first econometric analysis to provide evidence that would endorse the view that ‘bubbles’, with a particular spatial pattern, are a feature of UK regional housing markets.

KW - Regional house prices

KW - Structural housing model

KW - Cointegration

KW - Generalised supremum ADF

KW - Speculative bubbles

M3 - Working paper

T3 - Economics Working Paper Series

BT - Exuberance in the U.K. Regional Housing Markets

PB - Lancaster University, Department of Economics

CY - Lancaster

ER -