Price adjustment in the London housing market

Robert Webb, Duncan Watson and Steven Cook
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Robert Webb: University of Nottingham, UK
Duncan Watson: University of East Anglia, UK
Steven Cook: Swansea University, UK

Urban Studies, 2021, vol. 58, issue 1, 113-130

Abstract: Recent research into the dynamic adjustment of prices within the London housing market is extended via the application of a novel two-step procedure. Combining the non-parametric analysis of the ranking distributions of the levels and changes in house prices with the application of a cross-sectional convergence technique results in the detection of a three-tier system in which highly significant convergence clubs are identified within borough-level data. These findings contrast with both the divergence apparent when considering all boroughs and the failure of previous research to identify convergent groupings. The novelty of the empirical methods is supplemented by a discussion of various theoretical factors such as gentrification, displaced demand, immigration, foreign investment and criminal activity in relation to the findings obtained.

Keywords: convergence; finance/financialisation; housing; prices; real estate; 收敛/è¶‹å Œ; é‡‘èž /é‡‘èž åŒ–; ä½ æˆ¿; ä»·æ ¼; 房地产 (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:sae:urbstu:v:58:y:2021:i:1:p:113-130

DOI: 10.1177/0042098019878349

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