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A cross-sectional analysis of residential property prices: the effects of income, commuting, schooling, the housing stock and spatial interaction in the English regions

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  • Bernard Fingleton

Abstract

This article examines the distribution of residential property prices in 2001 across local areas in England using spatial econometric methods, showing that spatial variations in local income, income within commuting distance, the stock of residential properties and the quality of local schooling have significant effects. The residual spatial variation due to unknown factors is modelled by a proxy variable, but this does not rule out a significant spatial lag. The article argues that this represents endogenous interaction of property price levels between neighbouring areas, which is interpreted as the outcome of local market knowledge and preference, which produces greater price similarity between an area and its neighbours than one would anticipate from the levels of the exogenous price determinants. Copyright (c) 2006 the author(s). Journal compilation (c) 2006 RSAI.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Papers in Regional Science.

Volume (Year): 85 (2006)
Issue (Month): 3 (08)
Pages: 339-361

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Handle: RePEc:bla:presci:v:85:y:2006:i:3:p:339-361

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=1056-8190

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Cited by:
  1. Badi H. Baltagi & Bernard Fingleton & Alain Pirotte, 2013. "Spatial Lag Models with Nested Random Effects: An Instrumental Variable Procedure with an Application to English House Prices," Center for Policy Research Working Papers, Center for Policy Research, Maxwell School, Syracuse University 161, Center for Policy Research, Maxwell School, Syracuse University.
  2. Nguyen-Hoang, Phuong & Yinger, John, 2011. "The capitalization of school quality into house values: A review," Journal of Housing Economics, Elsevier, Elsevier, vol. 20(1), pages 30-48, March.

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