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House Price Appreciation, Transactions and Structural Change in the British Housing Market: A Macroeconomic Perspective

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Mark Andrew
Geoffrey Meen

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Abstract

This paper constitutes the first of two interrelated studies and is concerned with the relationship between house prices and transactions. Using aggregate time-series data, we find a strong relationship in Britain between the two variables, but the relationship changed during the 1990s. Transactions became much lower. We suggest that structural changes in macroeconomic relationships are increasingly likely to occur in a world of greater inequality and our results are one symptom. We argue that macroeconomic estimation needs to be complemented by careful microeconomic analysis. The second study, also appearing in this issue, therefore examines the microeconomic aspects of the issue. Copyright 2003 American Real Estate and Urban Economics Association

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/1540-6229.00059
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Article provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.

Volume (Year): 31 (2003)
Issue (Month): 1 (03)
Pages: 99-116
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Handle: RePEc:bla:reesec:v:31:y:2003:i:1:p:99-116

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  1. François Ortalo-Magné & Sven Rady, 2005. "Housing Market Dynamics: On the Contribution of Income Shocks and Credit Constraint," Discussion Papers 50, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich. [Downloadable!]
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