Reed, R. (2014), "Introduction from the editor", International Journal of Housing Markets and Analysis, Vol. 7 No. 1. https://doi.org/10.1108/IJHMA-12-2013-0058Download as .RIS
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Introduction from the editor
Article Type: Editorial From: International Journal of Housing Markets and Analysis, Volume 7, Issue 1
Welcome to seventh volume of the International Journal of Housing Markets and Analysis (IJHMA). This issue marks an alteration to the format of the journal being the largest single change since the journal commenced in 2008. Until now the journal has published 24 papers per year being four issues with six papers per issue. From this issue and looking forward, the journal will be expanded to include additional papers and also a regular research paper examining international housing markets. The increased number of papers published is directly linked to the both the higher quality of submissions and also the large number of papers submitted.
The increasing success and global recognition of this journal is due to a number of reasons I have observed in my role as editor since the journal was first published. The first point to note is that the IJHMA has always placed a high emphasis on publishing papers which can be described as meaningful, practical and of high quality. There are many ways to measure these metrics which are associated with success of the journal. These include examining the higher submission and rejection rates (and associated trends over time) which has ensured my editorial role and broader engagement is increasingly very busy and progressive. Another measure has been the acceptance of the papers published in IJHMA as a "contribution to knowledge" as measured by their widespread readership (e.g. number of downloads in total and countries where downloads have occurred) and the citation rates. The higher profile of the journal had a flow-on effect and is linked to my interaction with international authors, editors and stakeholders as well as presenting editorial workshops and liaising with past, present and future authors. The higher ranking of the journal by various ranking bodies has encouraged a higher submission rate by authors who are seeking to have their research published in a timely manner. These are some reasons why this and subsequent issues will include eight papers per issue in order to ensure the publication of cutting edge research.
This issue includes a research paper on international housing markets. The analysis in this issue examines housing additions to four high profile housing markets being the USA, Scotland, Canada and Australia. The emphasis is placed on the before-and-after scenario surrounding the GFC and provides an opportunity to keep abreast of changes in varying housing markets.
The papers in this journal are quite diverse with the common theme of housing market analysis. The first paper investigates the bargaining power of senior citizens in residential real estate markets by examining 6,278 transactions of single family houses in Ohio, the USA and investigated if the price that seniors pay is substantially different to the price that other buyers pay. The findings differed with other previous studies and also demonstrated that seniors paid approximately 5.9 per cent less, on average, than other sellers. The second paper examined cell phone towers and house prices in New Zealand with the focus placed on 166 cell sites and an analysis of residential transactions in Christchurch, New Zealand. The authors supported previous research and also advocate for reconsideration of previously mooted cautious regulation policies.
The third paper examines the relationship between socio-economic factors and regional house prices in the USA with the median house price data relating to 363 MSAs. Other variables included in the models related to demographics, median household income, median monthly rent, average commute time, number of houses for sale and total number of houses as well as other variables. The findings were insightful and linked higher house prices to variables including higher population levels, proportion of elderly, proportion of Asian population, median household income and rent-income ratios. Lower house prices were associated with higher mortgage lending rates, violent crime, foreclosure and higher vacancy rates. The fourth paper investigates land prices dynamics in the Australian housing market and includes an analysis involving 195,840 transactions of vacant land and 506,097 transactions of improved housing. The results are consistent with previous studies evaluating how the value of land and improvement evolve differently over time. In addition it was argued that price responses are positively related to the magnitude of land leverage.
The fifth paper discussed a comprehensive examination of Malaysian residential property with the focus placed on inflation hedging characteristics. The data sourced covered the period 1999-2012 and referred to the Malaysian "All House Price" index. The findings are particularly important for investors as housing arguably should now be included as a major component of their investment portfolio, especially with reference to long term inflation risk. It was demonstrated that different investment strategies should be adopted for different types of residential property in Malaysia. The sixth paper examined household decisions on home improvement expenditure in Japan. The data referred to a survey of 100,000 households and their perceptions towards improving their houses and it was noted there is generally a lack of detailed reliable data on the Japanese housing market. The paper concluded that a Japanese household smooths out consumption during its lifecycle. It was implied that a household saves for future consumption during its employment and withdraws from savings for consumption after retirement.
The seventh paper on the UK housing market considers rental prices via spatial modelling approaches. Reference is given to the changes in the global economy in light of the housing market where an analysis is undertaken of 3,189 transactions in the Belfast rental market. The authors argued the findings provided strong evidence to conclude the marginal prices of identified housing attributes are not constant but rather exhibit substantial spatial variation. The final paper in this issue undertakes a comparative analysis of housings markets and policy in the UK and the USA in the form of a review following the global housing crisis. The emphasis is placed on homeownership rates in both regions and examined differences between markets beyond simple macroeconomic influences. It was shown that the housing markets in the UK and the USA in the first half of the last decade exhibited close similarities where levels of owner occupation were broadly comparable in each country.
As editor I always actively striving to attract, accept and publish quality research into international housing markets. I am seeking to publish "the" paper that will set the housing market world alight which will benefit authors and the readership alike. I encourage you to join me on this quest and direct that paper for submission to the journal so we can all benefit as a research community. We will not know if you are submitting "the" paper until after it is published of course.
All papers in this journal have been through a rigorous double-blind refereeing process to ensure the highest quality is maintained. I encourage the submission of research articles examining international housing markets which contribute to our collective body of knowledge in this exciting area. If you have any comments or are interested in submitting a research paper then please contact the editor direct at: mailto:firstname.lastname@example.org
Richard G. Reed