Chain-Formation in the Owner-Occupied Housing Market

Leslie Rosenthal

Economic Journal, 1997, vol. 107, issue 441, 475-88

Abstract: This paper examines the process by which owner-occupied housing market transactions take place. The objective is to develop a model which can reproduce the slow build-up of housing chains of connected owner-occupier sales and purchases. The approach here applies stringent discontinuous preferences over house type and location to develop a computer model which will produce these housing chains. The process derived demonstrates that existing owner-occupiers spend longer in housing market search than will first-time buyers or the sellers of new dwellings. The implication that existing owner-occupiers 'lag' in the housing market is tested on U.K. housing price data, with results that clearly support this general hypothesis. Copyright 1997 by Royal Economic Society.

Date: 1997
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