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Spatial Diffusion in English Regional Housing Markets

Author

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  • Chris Jensen-Butler
  • Arnab Bhattacharjee

Abstract

We explore the nature of spatial diffusion of demand in regional housing markets in England. Our structural model, at the regional level, includes a demand function and a rental adjustment relationship expressed in terms of prices. We use a microeconomic model of housing market matching and search to identify the wedge between demand and supply, using data on time-on-the-market and degree of overpricing. We model space using different alternative notions, such as geographical distance, travel time, transport costs and socio-cultural distance. This methodology enables us to capture the nature and socio-economic drivers of pricechange diffusions in space and time more explicitly, and to derive implications for housing and land-use policy.

Suggested Citation

  • Chris Jensen-Butler & Arnab Bhattacharjee, 2005. "Spatial Diffusion in English Regional Housing Markets," ERES eres2005_215, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2005_215
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2005-215
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    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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