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Housing Market Dynamics and Regional Migration in Britain

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Author Info
Anthony Murphy
John Muellbauer
Gavin Cameron

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Abstract

Economic conditions exert a strong influence on regional migration. On the one hand, strong labour market conditions, as exemplified by low unemployment rates and high earnings, draw migrants into regions. On the other hand, strong housing market conditions can prevent movement since expensive housing can deter migrants and commuting may often be an alternative. This can be thought of as giving rise to a migration equilibrium, where high house prices choke off migration caused by strong labour market conditions. Expected capital gains in housing and expected earnings growth however, can offset high levels of house prices, effects ignored in previous literature. Migration can also be influenced more directly by the availability of housing relative to population without this being mediated through prices. This paper presents evidence from a 28 year panel on net and gross migration for the regions of Britain that is broadly in accord with these expectations.

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Paper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number 275.

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Date of creation: 2006
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Handle: RePEc:oxf:wpaper:275

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Keywords: Regional Migration House Prices Expected Capital Gains Contiguity Great Britain Regional Panel

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Find related papers by JEL classification:
C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data
J19 - Labor and Demographic Economics - - Demographic Economics - - - Other
R3 - Urban, Rural, and Regional Economics - - Production Analysis and Firm Location

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