Booms, Busts and Ripples in British Regional Housing Markets

Gavin Cameron, John Muellbauer () and Anthony Murphy ()

Macroeconomics from EconWPA

Abstract: We present and discuss an annual econometric model of regional house prices in Britain estimated over the period 1972 to 2003. The model, which consists of a system of inverted housing demand equations, is data consistent, incorporates spatial lags and errors, has some spatial coefficient heterogeneity, has a plausible long run solution and includes a full range of explanatory variables. We use our results to explain the periods of boom and bust and the ripple effect from London house prices to house prices elsewhere. We also address the issue of whether there has been a bubble in the British housing market

Keywords: House Prices; Ripple Effect; Bubble (search for similar items in EconPapers)
JEL-codes: C51 E39 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-fmk, nep-geo, nep-mac and nep-ure
Date: 2005-12-06
Note: Type of Document - pdf; pages: 41
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