Efficiency and seasonality in the UK housing market, 1991-2001
This paper considers the informational efficiency of the UK owner-occupied housing market over the period 1991-2001. Original small-area, monthly, house price index series are developed from raw housing transactions observations for a number of UK counties and cities. These series are then tested for characteristics indicative of weak market efficiency and seasonality. The major conclusions drawn are that there exists little evidence to support notions of inefficiency in these markets for this period.
|Date of creation:||Jun 2004|
|Date of revision:|
|Publication status:||Published in Oxford Bulletin of Economics and Statistics, Volume 68, Issue 3, pages 289-318, June 2006. [ doi:10.1111/j.1468-0084.2006.00163.x ]|
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