Aggregate and regional house price to earnings ratio dynamics in the UK

Abstract

This paper examines the time-series properties of house price to earnings ratio (HPER) in the UK using aggregate and regional data. Specifically, we utilise a series of unit root tests to examine the null hypothesis of nonstationary HPERs. These include linear tests as well as a nonlinear test and also a test which accounts for abrupt structural change. The results are against the notion of stationary HPERs. This implies that house prices may permanently diverge from earnings.

Metadata

Authors/Creators:	Gregoriou, A. Kontonikas, A. Montagnoli, A.
Copyright, Publisher and Additional Information:	© Urban Studies Journal Limited 2013. This is an author produced version of a paper subsequently published in Urban Studies. Uploaded in accordance with the publisher's self-archiving policy.
Keywords:	economics; housing; methods; time series; unit root test
Dates:	Published: October 2014
Institution:	The University of Sheffield
Academic Units:	The University of Sheffield > Faculty of Social Sciences (Sheffield) > Department of Economics (Sheffield)
Depositing User:	Symplectic Sheffield
Date Deposited:	22 Jan 2016 14:41
Last Modified:	09 Mar 2016 20:40
Published Version:	http://dx.doi.org/10.1177/0042098013506063
Status:	Published
Publisher:	SAGE Publications
Refereed:	Yes
Identification Number:	https://doi.org/10.1177/0042098013506063
Related URLs:	Author

CORE (COnnecting REpositories)

Aggregate and regional house price to earnings ratio dynamics in the UK

Abstract

Metadata

Download

Accepted Version

Export

Statistics