A Model of Regional Housing Markets in England and Wales

Arnab Bhattacharjee, Chris Jensen-Butler

    Research output: Working paperDiscussion paper

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    Abstract

    We propose and estimate an economic model of regional housing markets in England andWales, incorporating both the macroeconomic relationships between prices, demand and supply and a microeconomic model of search, matching and price formation. The empirical model, estimated separately for each of the 10 government office regions in England and Wales, validates the economic model. However, we find substantial heterogeneity across the regions, which is potentially useful in informing housing and land-use policies. In addition, the model allows completely unrestricted inter-regional spatial relationships. The estimated spatial autocorrelations imply different drivers of spatial diffusion in different regions, the understanding of which can be improved by further work.
    Original languageEnglish
    Place of PublicationSt. Andrews
    PublisherCentre for Research into Industry, Enterprise, Finance and the Firm
    Number of pages25
    Publication statusPublished - 2005

    Publication series

    NameCRIEFF Discussion papers
    PublisherCentre for Research into Industry, Enterprise, Finaace and the Firm, University of St. Andrews
    No.0508
    ISSN (Print)1364-453X

    Keywords

    • Housing markets
    • Search and matching
    • Spatial diffusion
    • Housing demand
    • Housing supply

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    Bhattacharjee, A., & Jensen-Butler, C. (2005). A Model of Regional Housing Markets in England and Wales. (CRIEFF Discussion papers; No. 0508). Centre for Research into Industry, Enterprise, Finance and the Firm. http://ideas.repec.org/p/san/crieff/0508.html