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Testing for long-run convergence across regional house prices in the UK: a pairwise approach

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  • Andrew Abbott
  • Glauco De Vita

Abstract

This article tests for stochastic convergence in UK regional house prices using the recently developed pairwise approach. This approach allows for unit root tests to be conducted on all N ( N − 1)/2 possible pairs of house price differentials across N regions in the UK, thus avoiding the need to choose a base region or alternative national figure as the benchmark. Using mix adjusted house price data from 1973:Q4 to 2008:Q4, the main finding is that there is no evidence of long run convergence among regional house prices or of an equilibrium relationship towards which UK regional house prices have a tendency to gravitate.

Suggested Citation

  • Andrew Abbott & Glauco De Vita, 2013. "Testing for long-run convergence across regional house prices in the UK: a pairwise approach," Applied Economics, Taylor & Francis Journals, vol. 45(10), pages 1227-1238, April.
  • Handle: RePEc:taf:applec:45:y:2013:i:10:p:1227-1238
    DOI: 10.1080/00036846.2011.613800
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    File URL: http://hdl.handle.net/10.1080/00036846.2011.613800
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    References listed on IDEAS

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    1. Robert Wood, 2005. "A comparison of UK residential house price indices," BIS Papers chapters,in: Bank for International Settlements (ed.), Real estate indicators and financial stability, volume 21, pages 212-227 Bank for International Settlements.
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    Cited by:

    1. Gong, Yunlong & Hu, Jinxing & Boelhouwer, Peter J., 2016. "Spatial interrelations of Chinese housing markets: Spatial causality, convergence and diffusion," Regional Science and Urban Economics, Elsevier, vol. 59(C), pages 103-117.
    2. Fuat C. Beylunioglu & Thanasis Stengos & Ege Yazgan, 2016. "Detecting Convergence Clubs," Working Papers 1604, University of Guelph, Department of Economics and Finance.
    3. repec:ire:issued:v:20:n:02:2017:p:127-165 is not listed on IDEAS
    4. Hernán Enríquez Sierra & Jacobo Campo Robledo & Antonio Avendaño Arosemena, 2015. "Relaciones regionales en los precios de vivienda nueva en Colombia," REVISTA ECOS DE ECONOMÍA, UNIVERSIDAD EAFIT, vol. 19(40), pages 25-47, June.
    5. Ryan Greenaway-McGrevy & Arthur Grimes & Mark Holmes, 2016. "Two countries, sixteen cities, five thousand kilometres: How many housing markets?," ERSA conference papers ersa16p49, European Regional Science Association.

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