Structural Change in a Local Urban Housing Market

Jones, Colin; Leishman, Chris; Watkins, Craig

doi:10.1068/a35229

Cited by 55 publications

(50 citation statements)

References 20 publications

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“…Inflow migration will stop when the higher cost of housing offsets the relatively high real wages in the local labor market. However, other papers have stressed the role of migration as one of the mechanisms for price adjustments (Jones et al, 2003(Jones et al, , 2004(Jones et al, , 2005Jones and Leishman, 2006). In other words, these papers address the role of migration in the spatial house arbitrage process between different regions.…”

Section: Related Literaturementioning

confidence: 97%

Dynamic modeling of regional house price diffusion in Taiwan

Chen

Chien

Lee

2011

Journal of Housing Economics

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Section: Related Literaturementioning

confidence: 97%

Dynamic modeling of regional house price diffusion in Taiwan

Chen

Chien

Lee

2011

Journal of Housing Economics

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“…On the demand-side, several authors suggest that there is very limited evidence of optimising consumers seeking to benefit from lower prices (Jones et al, 2003(Jones et al, , 2005Kauko, 2001). This is not least because house purchasers often view housing as jointly having both consumption and investment characteristics and, with rising prices, comes an expectation of further future capital gains.…”

Section: Building An Understanding Of Local Market Dynamicsmentioning

confidence: 98%

“…Jones et al (2003) used co-integration analysis of the relationship between neighbourhood price differences to examine the stability of sub-markets in Glasgow over a 14-year period.…”

Section: Building An Understanding Of Local Market Dynamicsmentioning

confidence: 99%

Microeconomic Perspectives on the Structure and Operation of Local Housing Markets

Watkins

2008

Housing Studies

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This paper provides a highly selective review of the voluminous literature on the economic analysis of local housing markets. It is suggested that, although it often appears that mainstream economics is more concerned with improving technical elements of the modelling approach than enhancing our understanding of how markets function, there is in fact a rich literature that is largely concerned with explaining market processes and dynamics and with the impact of policy interventions on the workings of the market. The housing economics literature is more methodologically diverse than many housing analysts might expect and, in the UK and Europe in particular, this has helped stimulate several new developments in local market analysis. These advancements have been associated, in part, with improvements in statistical techniques and conceptual models. This has resulted in renewed interest in the treatment of neighbourhood segmentation and complex spatial processes in local market analysis. It is argued that further progress might be made by abducting insights from qualitative analysis in order to improve the specification of models and in their refinement and development.

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“…The concept of housing sub-markets has relevance beyond the theoretical literature. Among significant applications of the sub-markets hypothesis are the relevance to, and impact on, property valuation (see Adair et al, 1996;Bourassa et al, 2003Bourassa et al, , 2007Watkins, 1999) and on the economic analysis of local housing systems (Jones et al, 2003(Jones et al, , 2004Maclennan & Tu, 1996).…”

Section: Introductionmentioning

confidence: 99%

Spatial Change and the Structure of Urban Housing Sub-markets

Leishman

2009

Housing Studies

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Many applied studies of the structure of urban housing systems involve considerable imprecision in terms of the identification of sub-market boundaries. This is often a function of reliance on prior knowledge, particularly of the potential spatial divisions within urban housing systems. This paper introduces an application of the multi-level hedonic model as a tool to identify housing sub-markets, and as a method of identifying temporal change within the sub-market system. Based on empirical analysis of two study years (2002 and 2006) in the city of Glasgow, this study demonstrates a finely-grained approach to the identification of spatial sub-markets and uncovers evidence of spatial change between the two study years. The multi-level derived sub-market boundaries are shown to be a credible and statistically meaningful alternative to prior notions of the sub-market system. The paper concludes that multi-level models have considerable potential as a tool both to identify the sub-market structure, and for detecting temporal change in the delimitation of sub-markets.

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Structural Change in a Local Urban Housing Market

Cited by 55 publications

References 20 publications

Dynamic modeling of regional house price diffusion in Taiwan

Dynamic modeling of regional house price diffusion in Taiwan

Microeconomic Perspectives on the Structure and Operation of Local Housing Markets

Spatial Change and the Structure of Urban Housing Sub-markets

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