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Regional House Prices and Possessions in England and Wales: An Empirical Analysis

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Author Info
Barry Reilly
Robert Witt

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Abstract

REILLY B. and WITT R. (1994) Regional house prices and possessions in England and Wales: an empirical analysis, Reg. Studies 28, 475--482. A regional house price equation is estimated by OLS using data from 1987 to 1991 for ten regions in England and Wales. The influence of income, unemployment, age structure and possessions on regional house prices is examined using a house price equation in both levels and first differences form. Both estimated equations detect a statistically significant negative effect for posessions on regional house prices with the levels form providing some evidence of regional variation in the effect of possessions. REILLY B. et WITT R. (1994) Les prix du logement régionaux et les possessions en Angleterre et au pays de Galles: une analyse empirique, Reg. Studies 28, 475--482. On estime une équation relative aux prix du logement régionaux par la méthode des moindres carrés à partir des données pour les années de 1987 à 1991 et pour dix régions en Angleterre et au pays de Galles. On examine l'influence du revenu, du chômage, de la structure de la population par tranche d'âge et des possessions sur les prix du logement régionaux en se servant des équations relatives aux prix du logement et construites en fonction des niveaux et des premières différences. Les deux equations démontrent un effet négatif des possessions sur les prix du logement régionaux qui s'avère très marqué du point de vue statistique. L'équation construite à partir des niveaux fournit des preuves d'une variation régionale de l'impact des possessions. REILLY B. und WITT R. (1994) Regionale Hauspreise und Besitznahme von Immobilien durch Bausparkassen in England und Wales: eine empirische Analyse, Reg. Studies 28, 475--482. Mit der Methode der kleinsten Quadrate wird auf der Basis von Daten vom Zeitraum 1987--1991 für zehn Regionen in England und Wales eine schätzungsweise regionale Hauspreisgleichung aufgestellt. Der Einfluß von Einkommen, Arbeitslosigkeit, Altersstruktur und In-Besitznahme von Immobilien durch Bausparkassen auf regionale Hauspreise wird untersucht, wobei sowohl eine Form der Hauspreishöhen wie der anfänglichen Unterschiede benutzt wird. Die beiden geschätzten Gleichungen stellen einen statistisch signifikanten negativen Effekt der In-Besitznahme auf regionale Hauspreise fest, wobei die Höhenform Beweise regionaler Abweichungen in der Wirkung der In-Bestznahme liefern.

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Publisher Info
Article provided by Taylor and Francis Journals in its journal Regional Studies.

Volume (Year): 28 (1994)
Issue (Month): 5 (August)
Pages: 475-482
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Handle: RePEc:taf:regstd:v:28:y:1994:i:5:p:475-482

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Keywords: House prices; OLS; Possessions;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Meen, Geoffrey P, 1990. "The Removal of Mortgage Market Constraints and the Implications for Econometric Modelling of UK House Prices," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(1), pages 1-23, February.
  2. Bover, Olympia & Muellbauer, John & Murphy, Anthony, 1988. "Housing, Wages and UK Labour Markets," CEPR Discussion Papers 268, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  3. Breusch, T S & Pagan, A R, 1979. "A Simple Test for Heteroscedasticity and Random Coefficient Variation," Econometrica, Econometric Society, vol. 47(5), pages 1287-94, September. [Downloadable!] (restricted)
  4. J. J. Dolado & A. Maravall, 1989. "Comment," Econometric Reviews, Taylor and Francis Journals, vol. 8(1), pages 101-109. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Gavin Cameron & John Muellbauer & Anthony Murphy, 2005. "Booms, Busts and Ripples in British Regional Housing Markets," Macroeconomics 0512003, EconWPA. [Downloadable!]
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