THE DYNAMICS OF UK NATIONAL AND REGIONAL HOUSE PRICES |
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| Authors: | Moira Munro Yong Tu |
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| Affiliation: | School of Planning and Housing, Heriot-Watt University, Edinburgh EHI 2HJ, UK;Centre for Housing Research and Urban Studies, University of Glasgow, Glasgow GI2 8RS, UK |
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| Abstract: | In this paper, the Johansen cointegration technique is applied to modeling the dynamics of national and regional house prices. It is concluded that household income, real mortgage rate and housing completions are significant factors influencing house price changes at the national level. The underlying structure of the national market is investigated, showing that while price trends in some regions of the UK are strongly related by causal processes, others are relatively independent |
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