Aggregate and regional house price to earnings ratio dynamics in the UK

Andros Gregoriou, Alexandros Kontonikas () and Alberto Montagnoli ()
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Andros Gregoriou: Hull University, UK

Urban Studies, 2014, vol. 51, issue 13, 2916-2927

Abstract: This paper examines the time-series properties of house price to earnings ratio (HPER) in the UK using aggregate and regional data. Specifically, we utilise a series of unit root tests to examine the null hypothesis of nonstationary HPERs. These include linear tests as well as a nonlinear test and also a test which accounts for abrupt structural change. The results are against the notion of stationary HPERs. This implies that house prices may permanently diverge from earnings.

Keywords: economics; housing; methods; time series; unit root test (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:sae:urbstu:v:51:y:2014:i:13:p:2916-2927

DOI: 10.1177/0042098013506063

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