Final published version
Research output: Contribution to Journal/Magazine › Journal article › peer-review
Research output: Contribution to Journal/Magazine › Journal article › peer-review
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TY - JOUR
T1 - Pairwise convergence of district-level house prices in London
AU - Abbott, Andrew James
AU - De Vita, Glauco
PY - 2012/3/31
Y1 - 2012/3/31
N2 - This paper investigates the long-run convergence of district-level house prices in Greater London using the recently developed pairwise approach. This methodology allows for unit root tests to be conducted on all N(N-1)/2 possible pairs of house price differentials across the N boroughs of London, thus avoiding the need to choose a base borough of reference or the regional average as the benchmark. It also permits the estimation, consistently, of the proportion of the pairs that are stationary and convergent. Using HM Land Registry house price data for 33 Inner and Outer London boroughs over the period 1996q1–2009q2, no overall multidistrict long-run convergence is found. Some evidence of district-level segmentation of house prices in Greater London is found, with the sub-group of the boroughs contiguous to the ‘City of London’ district and the wider ‘central’ sub-market emerging as the clubs with the highest rate of convergence.
AB - This paper investigates the long-run convergence of district-level house prices in Greater London using the recently developed pairwise approach. This methodology allows for unit root tests to be conducted on all N(N-1)/2 possible pairs of house price differentials across the N boroughs of London, thus avoiding the need to choose a base borough of reference or the regional average as the benchmark. It also permits the estimation, consistently, of the proportion of the pairs that are stationary and convergent. Using HM Land Registry house price data for 33 Inner and Outer London boroughs over the period 1996q1–2009q2, no overall multidistrict long-run convergence is found. Some evidence of district-level segmentation of house prices in Greater London is found, with the sub-group of the boroughs contiguous to the ‘City of London’ district and the wider ‘central’ sub-market emerging as the clubs with the highest rate of convergence.
U2 - 10.1177/0042098011405690
DO - 10.1177/0042098011405690
M3 - Journal article
VL - 49
SP - 719
EP - 738
JO - Urban Studies
JF - Urban Studies
SN - 0042-0980
IS - 4
ER -