An Investigation of Housing Affordability in the UK Regions

Alberto Montagnoli () and Jun Nagayasu

No 2013-64, SIRE Discussion Papers from Scottish Institute for Research in Economics (SIRE)

Abstract: The housing market has been extensively investigated in the literature; however there is a lack of understanding of the fundamentals a ffecting housing affordability across UK regions as measured by the price to income ratio. The aim of this paper is twofold; fi rstly we calculate the a ffordability ratio based on individuals' incomes. Second we set o f to ask which socio-economic factors could a affect this ratio. The analysis finds a strong influence coming from the mortgage rate, the residents' age and academic quali fications. We also report a positive and signifi cant e ffect from foreign capital coming to the UK. Finally, we record a non-negligible degree of heterogeneity across the twelve regions.

Keywords: House market; a ffordability index; heterogeneity; panel data (search for similar items in EconPapers)
Date: 2013
New Economics Papers: this item is included in nep-eur and nep-ure
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Citations: View citations in EconPapers (1)

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