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https://ruomo.lib.uom.gr/handle/7000/635
Title: | Climbing the property ladder: An analysis of market integration in London property prices |
Authors: | Holmes, Mark J. Otero, Jesús Panagiotidis, Theodore |
Type: | Article |
Subjects: | FRASCATI::Social sciences::Economics and Business |
Keywords: | Cointegration convergence house prices pairwise |
Issue Date: | 2018 |
Publisher: | Sage |
Source: | Urban Studies |
Volume: | 55 |
Issue: | 12 |
First Page: | 2660 |
Last Page: | 2681 |
Abstract: | We investigate the long-run convergence of house prices across the London boroughs based on a pairwise unit root probabilistic testing procedure. In sharp contrast to the earlier literature, we employ a dataset that distinguishes between four different types of property in each borough. Using a quarterly dataset that spans from 1995 to 2014, we find evidence in favour of long-run convergence thereby suggesting that the great majority of London borough house prices are driven by a single common stochastic trend. In a further contribution, we offer new insights through analysing the determinants of long-run convergence, by considering the role of geographic proximity, type of accommodation and amenities (quality of life). |
URI: | https://doi.org/10.1177/0042098017692303 https://ruomo.lib.uom.gr/handle/7000/635 |
ISSN: | 0042-0980 1360-063X |
Other Identifiers: | 10.1177/0042098017692303 |
Appears in Collections: | Department of Economics |
Files in This Item:
File | Description | Size | Format | |
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urban studies_ 2018.pdf | 1,39 MB | Adobe PDF | View/Open |
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