Spatial Diffusion in English Regional Housing Markets
Chris Jensen-Butler and
Arnab Bhattacharjee ()
ERES from European Real Estate Society (ERES)
We explore the nature of spatial diffusion of demand in regional housing markets in England. Our structural model, at the regional level, includes a demand function and a rental adjustment relationship expressed in terms of prices. We use a microeconomic model of housing market matching and search to identify the wedge between demand and supply, using data on time-on-the-market and degree of overpricing. We model space using different alternative notions, such as geographical distance, travel time, transport costs and socio-cultural distance. This methodology enables us to capture the nature and socio-economic drivers of pricechange diffusions in space and time more explicitly, and to derive implications for housing and land-use policy.
JEL-codes: R3 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2005_215
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