The Experts below are selected from a list of 98829 Experts worldwide ranked by ideXlab platform
Colin Jones - One of the best experts on this subject based on the ideXlab platform.
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Spatial Dynamics of the Housing Market: An Interurban Perspective:
Urban Studies, 2006Co-Authors: Colin Jones, Chris LeishmanAbstract:A major unproven hypothesis in Housing economics is that regional ripple effects are caused by household migration between regions. This paper examines household migration and price ripples at the level of local Housing Markets driven partly by the fact that such migration linkages are likely to be more pronounced between local, rather than regional, Housing Markets. Following a review of regional Housing Market studies, several hypotheses linking the existence of lead-lag relationships and cointegration with the scale of migratory linkages between local Housing Market areas (LHMAs) are proposed. Using private Housing transactions data for Strathclyde, a sub-region of Scotland, the paper identifies two clusters of LHMAs that differ in terms of their migratory linkages with Glasgow, the hypothesised leading Housing Market of the sub-region. Tests for lead-lag relationships and cointegration confirm the link between migration and house price changes.
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Housing Market processes urban Housing subMarkets and planning policy
Town Planning Review, 2005Co-Authors: Colin Jones, Christian Mark Leishman, Craig WatkinsAbstract:This paper seeks to develop an analytical framework that can be used to generate insights into the working of local land and property Markets and provide the basis for planning policies. The framework is based on the notion that local Housing Market areas are composed of a system of spatially defined Housing subMarkets. It is applied to an empirical analysis of the Glasgow Housing Market. The primary focus of the research presented is on migration patterns between and within subMarkets and the role of price structures in these processes. In the concluding section the utility of this research is assessed as a tool for guiding decisions taken in planning for local Housing Markets.
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The Definition of Housing Market Areas and Strategic Planning
Urban Studies, 2002Co-Authors: Colin JonesAbstract:The purpose of this paper is to develop the concept of a Housing Market area, thereby provide insights into our understanding of the sub-regional structures of the Housing system and hence propose a framework for strategic planning research in the Housing Market. To tackle this task, it is first necessary to consider the criteria for a local Housing Market area. The paper begins by reviewing previous definitions by both academics and planners, and their underlying assumptions. Based on the principle of spatial arbitrage, a local Housing Market area is defined by reference to criteria linked to migration self-containment. Parallels are drawn with the principles that have been applied to define a system of spatial labour Markets using travel-to-work areas. This spatial arbitrage definition is tested empirically by developing a system of Housing Market areas for west central Scotland using data derived from the Land Registry. Finally, the paper draws together the empirical findings to discuss the nature of s...
Alasdair Rae - One of the best experts on this subject based on the ideXlab platform.
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The spatiality of Housing Market volatility and selective migration
Town Planning Review, 2013Co-Authors: Ed Ferrari, Alasdair RaeAbstract:There are longstanding concerns about volatility in the UK Housing Market. The price volatility of the Market at a national level has been the subject of significant political and academic attention. At the same time, the Housing Market has become increasingly spatially differentiated. This paper seeks to connect issues of Housing Market change and differentiation to the separate literature on demand and mobility processes. The paper begins by considering the nature of price changes in the UK Housing Market over the past 40 years. The emergence of widening regional disparities in house prices since the 1980s is remarked upon and a number of supply- and demand-side drivers of the Housing Market and of volatility are discussed. The paper then focuses on the potential role of residential mobility, particularly selective migration, between areas of similar socioeconomic characteristics in exacerbating Market differentials. It concludes with a number of policy suggestions, notably that there remains an importa...
James Albrecht - One of the best experts on this subject based on the ideXlab platform.
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directed search in the Housing Market
Social Science Research Network, 2010Co-Authors: James Albrecht, Pieter A Gautier, Susan VromanAbstract:In this paper, we present a directed search model of the Housing Market. The pricing mechanism we analyze reflects the way houses are bought and sold in the United States. Our model is consistent with the observation that houses are sometimes sold above, sometimes below and sometimes at the asking price. We consider two versions of our model. In the first version, all sellers have the same reservation value. In the second version, there are two seller types, and type is private information. For both versions, we characterize the equilibrium of the game played by buyers and sellers, and we prove efficiency. Our model offers a new way to look at the Housing Market from a search-theoretic perspective. In addition, we contribute to the directed search literature by considering a model in which the asking price (i) entails only limited commitment and (ii) has the potential to signal seller type.
Susan Vroman - One of the best experts on this subject based on the ideXlab platform.
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directed search in the Housing Market
Social Science Research Network, 2010Co-Authors: James Albrecht, Pieter A Gautier, Susan VromanAbstract:In this paper, we present a directed search model of the Housing Market. The pricing mechanism we analyze reflects the way houses are bought and sold in the United States. Our model is consistent with the observation that houses are sometimes sold above, sometimes below and sometimes at the asking price. We consider two versions of our model. In the first version, all sellers have the same reservation value. In the second version, there are two seller types, and type is private information. For both versions, we characterize the equilibrium of the game played by buyers and sellers, and we prove efficiency. Our model offers a new way to look at the Housing Market from a search-theoretic perspective. In addition, we contribute to the directed search literature by considering a model in which the asking price (i) entails only limited commitment and (ii) has the potential to signal seller type.
Ed Ferrari - One of the best experts on this subject based on the ideXlab platform.
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The spatiality of Housing Market volatility and selective migration
Town Planning Review, 2013Co-Authors: Ed Ferrari, Alasdair RaeAbstract:There are longstanding concerns about volatility in the UK Housing Market. The price volatility of the Market at a national level has been the subject of significant political and academic attention. At the same time, the Housing Market has become increasingly spatially differentiated. This paper seeks to connect issues of Housing Market change and differentiation to the separate literature on demand and mobility processes. The paper begins by considering the nature of price changes in the UK Housing Market over the past 40 years. The emergence of widening regional disparities in house prices since the 1980s is remarked upon and a number of supply- and demand-side drivers of the Housing Market and of volatility are discussed. The paper then focuses on the potential role of residential mobility, particularly selective migration, between areas of similar socioeconomic characteristics in exacerbating Market differentials. It concludes with a number of policy suggestions, notably that there remains an importa...
