Estimating local repeat sales house price indices for British cities

Chris Leishman (Department of Building Engineering and Surveying, Heriot‐Watt University, Riccarton, Edinburgh, UK, )
Craig Watkins (Centre for Property Research, Department of Land Economy, University of Aberdeen, Kings College, Aberdeen, UK)

Journal of Property Investment & Finance

ISSN: 1463-578X

Publication date: 1 February 2002


This paper argues that the methods of constructing house price indices for UK markets lag behind those employed in Europe, Australasia and North America. This is particularly evident in terms of the range and level of technical sophistication of the index construction methodologies. Importantly, the paper argues that the absence of reliable house price indicators undermines the decision‐making ability of policy makers and investors operating in urban housing markets. The paper suggests that this can, in part, be remedied by the construction of a system of local house price indices for British cities. The empirical research presents the first UK application of the repeat sales method to UK data. Indices are constructed for four cities and a range of diagnostic tests are used to establish the reliability and accuracy of the indices as a means of monitoring house price change. The research concludes by suggesting that the methods used here should be tested further on data from major metropolitan regions in England and Wales.



Leishman, C. and Watkins, C. (2002), "Estimating local repeat sales house price indices for British cities", Journal of Property Investment & Finance, Vol. 20 No. 1, pp. 36-58.

Download as .RIS




Copyright © 2002, MCB UP Limited

To read the full version of this content please select one of the options below

You may be able to access this content by logging in via Shibboleth, Open Athens or with your Emerald account.
To rent this content from Deepdyve, please click the button.
If you think you should have access to this content, click the button to contact our support team.