A Model of Regional Housing Markets in England and Wales

Arnab Bhattacharjee () and Chris Jensen-Butler

No 508, CRIEFF Discussion Papers from Centre for Research into Industry, Enterprise, Finance and the Firm

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.

Keywords: Housing markets; Search and matching; Spatial diffusion; Housing demand; Housing Supply. (search for similar items in EconPapers)
JEL-codes: R21 R31 R33 C31 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-geo and nep-ure
Date: 2005-06
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Persistent link: http://EconPapers.repec.org/RePEc:san:crieff:0508

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