House Price Dynamics and Bank Herding: European Empirical Evidence

António Miguel Martins, Ana Paula Serra, Francisco Vitorino Martins and Simon Stevenson

Journal of Real Estate Research, 2020, vol. 42, issue 3, 365-396

Abstract: This paper examines house price dynamics, bank herding behavior, and the linkages between them. The analysis presented indicates that prior to the financial crisis, non-fundamental factors played a significant role in several European countries, including the United Kingdom, Spain, Denmark, Sweden, and Ireland. We also provide evidence indicative of herding behavior in the residential mortgage loan market. Finally, Granger causality tests show that non-fundamentally justified price dynamics contributed to the herding displayed by lenders and that this behavior was a response by banks as a group to common information on residential property assets.

Date: 2020
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DOI: 10.1080/08965803.2020.1840897

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