Climbing the property ladder: An analysis of market integration in London property prices

Mark Holmes (), Jesús Otero and Theodore Panagiotidis
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Jesús Otero: Facultad de Economía, Universidad del Rosario, Colombia

Urban Studies, 2018, vol. 55, issue 12, 2660-2681

Abstract: We investigate the long-run convergence of house prices across the London boroughs based on a pairwise unit root probabilistic testing procedure. In sharp contrast to the earlier literature, we employ a dataset that distinguishes between four different types of property in each borough. Using a quarterly dataset that spans from 1995 to 2014, we find evidence in favour of long-run convergence thereby suggesting that the great majority of London borough house prices are driven by a single common stochastic trend. In a further contribution, we offer new insights through analysing the determinants of long-run convergence, by considering the role of geographic proximity, type of accommodation and amenities (quality of life).

Keywords: Cointegration; convergence; house prices; pairwise; å æ•´; è¶‹å Œ; 房价; æˆ å¯¹ (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (9)

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Working Paper: Climbing the property ladder: An analysis of market integration in London property prices (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:sae:urbstu:v:55:y:2018:i:12:p:2660-2681

DOI: 10.1177/0042098017692303

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