Chain-Formation in the Owner-Occupied Housing Market
This paper examines the process by which owner-occupied housing market transactions take place. The objective is to develop a model which can reproduce the slow build-up of housing chains of connected owner-occupier sales and purchases. The approach here applies stringent discontinuous preferences over house type and location to develop a computer model which will produce these housing chains. The process derived demonstrates that existing owner-occupiers spend longer in housing market search than will first-time buyers or the sellers of new dwellings. The implication that existing owner-occupiers 'lag' in the housing market is tested on U.K. housing price data, with results that clearly support this general hypothesis. Copyright 1997 by Royal Economic Society.
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Volume (Year): 107 (1997)
Issue (Month): 441 (March)
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