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Article
Publication date: 1 December 1994

Jim Millington

Reviews a number of contributions to migration analysis. Discusses someof the rudiments of migration modelling before turning attention tospecific applications. Pays particular…

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Abstract

Reviews a number of contributions to migration analysis. Discusses some of the rudiments of migration modelling before turning attention to specific applications. Pays particular attention to articles which have modelled the interaction between labour and housing markets.

Details

International Journal of Manpower, vol. 15 no. 9
Type: Research Article
ISSN: 0143-7720

Keywords

Article
Publication date: 29 July 2014

Anthony Owusu-Ansah

The purpose of this paper is to use local-level time series data to examine the determinants of housing starts and the price elasticity of supply for the Aberdeen local housing

Abstract

Purpose

The purpose of this paper is to use local-level time series data to examine the determinants of housing starts and the price elasticity of supply for the Aberdeen local housing market.

Design/methodology/approach

Seven time series models are used in the analysis. The basic model treats housing starts as a function of the changes of current and lagged house prices, interest rate and construction cost. The other six models which are extensions of the basic model include other variables like time on the market, planning constraints and future expectations.

Findings

It is found that the local variables – changes in house prices, time on the market, planning regulation, lagged stock and lagged and future housing starts – are the main factors that influence new residential construction in Aberdeen. None of the national variables is significant, confirming the importance of limiting housing market analysis to the local level. The price elasticity of supply estimated is in the range of 2.0 to 3.2 for housing starts and 0.01 to 0.02 for housing stock. These estimates are higher than most of the elasticities for the other UK local markets.

Originality/value

There is the need to better understand the supply of housing at the various local housing markets. Unfortunately, however, most housing supply studies use national data. Because national data are aggregation of local data, using national studies results for local markets may be uninformative. Also, the few existing local studies use typically cross-section data or at least time series over relatively short time spans. This paper makes an effort to use quarterly time series data over a 25-year period for a local market and also include a planning variable which is different from local markets and often ignored in national or regional studies.

Details

International Journal of Housing Markets and Analysis, vol. 7 no. 3
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 4 October 2011

Colin Jones, Craig Watkins and David Watkins

The purpose of this paper is to address both the measurement of affordability and variations in affordability between local housing market areas (HMAs).

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Abstract

Purpose

The purpose of this paper is to address both the measurement of affordability and variations in affordability between local housing market areas (HMAs).

Design/methodology/approach

The practical data issues that arise from measuring local affordability are reviewed by reference to studies in the UK. The paper argues that local measures should relate to a functional geography of HMAs rather than simply local authority boundaries. This approach is shown to be more theoretically sound but faces data constraints. An empirical case study of the North West of England then follows as a demonstration based on a tiered geography of HMAs. It addresses the constraints on local income data by measuring affordability by reference to a particular household type and associated income.

Findings

Local UK affordability indicators are shown to be primarily about access to home ownership rather than a wider view of local house price structures on affordability. The paper also draws out the importance of affordability measures linked to functional market areas. The results of the analysis presented highlight that there are local differences in house price structures and hence associated differential affordability of house types between local HMAs.

Originality/value

This is the first study that examines affordability at the local level based on functional areas rather than local authority administrative boundaries. This approach gives a truer picture of the variability in local affordability. The applied analysis tackles the data constraints of functional areas and has the potential to be adapted and extended.

Details

International Journal of Housing Markets and Analysis, vol. 4 no. 4
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 1 April 2005

Paul De Vries and Peter Boelhouwer

In this paper, we identify the relationship between (local) housing supply and (local) house price developments, especially in The Netherlands.

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Abstract

Purpose

In this paper, we identify the relationship between (local) housing supply and (local) house price developments, especially in The Netherlands.

Design/methodology/approach

We measure the influence of new building on house prices by comparing areas designated for concentrated new building (main Dutch cities) with areas where no large housing projects are developed. On the basis of classical economic theory, if the housing market is functioning as it should, then supply will soon respond to a shock in demand and restore stability in house prices.

Findings

For the main Dutch cities, we found that an increase in supply triggers a fall in prices. In other areas the correlation coefficients are more or less zero, which can lead us to conclude that the expansion of the housing stock is market‐compliant.

Research limitations/implications

The housing market is not functioning, as it should: new supplies depend on the complex decisions of the suppliers, thus making it difficult to express statistically the causality between the house price developments and the new supplies.

Practical implications

Most studies suggest that macro data are unable to measure the true dependency between the house prices and the new building and claim at the same time that micro data sets are incomplete. Also our research was hampered by a shortage of usable data.

Originality/value

New building can push up the value of the surrounding housing because it is associated with a qualitatively better housing stock. We conclude that in regions where new building has been concentrated in designated areas, the relationship between housing production and price development is inverse.

Details

Property Management, vol. 23 no. 2
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 3 May 2016

Yener Coskun and Hasan Murat Ertugrul

The purpose of this paper is to empirically analyze volatility properties of the house price returns of Turkey and Istanbul, Ankara and Izmir provinces over the period of July…

Abstract

Purpose

The purpose of this paper is to empirically analyze volatility properties of the house price returns of Turkey and Istanbul, Ankara and Izmir provinces over the period of July 2007-June 2014.

Design/methodology/approach

The paper uses conditional variance models, namely, ARCH, GARCH and E-GARCH. As the supportive approach for the discussions, we also use correlation analysis and qualitative inputs.

Findings

Empirical findings suggest several points. First, city/country-level house price return volatility series display volatility clustering pattern and therefore volatilities in house price returns are time varying. Second, it seems that there were high (excess) and stable volatility periods during observation term. Third, a significant economic event may change country/city-level volatilities. In this context, the biggest and relatively persistent shock was the lagged negative shocks of global financial crisis. More importantly, short-lived political/economic shocks have not significant impacts on house price return volatilities in Turkey, Istanbul, Ankara and Izmir. Fourth, however, house price return volatilities differ across geographic areas, volatility series may show some co-movement pattern. Fifth, volatility comparison across cities reveal that Izmir shows more excess volatility cases, Ankara recorded the highest volatility point and Istanbul and national series show lower and insignificant volatilities.

Research limitations/implications

The study uses maximum available data and focuses on some house price return volatility patterns. The first implication of the findings is that micro/macro dimensions of house price return volatilities should be carefully analyzed to forecast upside/downside risks of house price returns. Second, defined volatility clustering pattern implies that rate of return of housing investment may show specific patterns in some periods and volatile periods may result in some large losses in the returns. Third, model results generally suggest that however data constraint is a major problem, market participants should analyze regional idiosyncrasies during their decision-making in housing portfolio management. Fourth, because house prices are not sensitive to relatively less structural shocks, housing may represent long-term investment instrument if it provides satisfactory hedging from inflation.

Originality/value

The evidences and implications would be useful for housing market participants aiming to manage/use externalities of housing price movements. From a practical contribution perspective, the study provides a tool that will allow measuring first time of the return volatility patterns of house prices in Turkey and her three biggest provinces. Local level analysis for Istanbul, Ankara and Izmir provinces, as the globally fastest growing cities, would be found specifically interesting by international researchers and practitioner.

Details

Journal of European Real Estate Research, vol. 9 no. 1
Type: Research Article
ISSN: 1753-9269

Keywords

Article
Publication date: 2 November 2015

Norman Hutchison and Alan Disberry

The purpose of this paper is to understand the barriers to housing development on brownfield land in the UK, making clear the distinction between market and institutional factors…

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Abstract

Purpose

The purpose of this paper is to understand the barriers to housing development on brownfield land in the UK, making clear the distinction between market and institutional factors and identify appropriate public and private sector solutions to encourage more residential development.

Design/methodology/approach

In this research, the city of Nottingham in the East Midlands of England was chosen as the case study city. The research was based on secondary literature review of relevant local authority reports, Internet searches, consultancy documents and policy literature. Detailed case studies were undertaken of 30 sites in Nottingham which included a questionnaire survey of developers. Officials from Nottingham City Council assisted with the gathering of planning histories of the sites. The investigation took place in 2014.

Findings

Based on the evidence from Nottingham, the most frequently occurring significant constraint was poor market conditions. At the local level, it is clear that there are options that can be promoted to help reduce the level of friction in the market, to reduce delay and cost and, thus, to encourage developers to bring forward schemes when the market allows. Securing planning permission and agreeing the terms of a S106 agreement is recognised as a major development hurdle which requires time to achieve.

Practical implications

Market forces were clearly the dominant factor in hindering development on brownfield sites in Nottingham. The local authority should be more circumspect in the use of S106 agreements in market conditions where brownfield development is highly marginal. Imposing additional taxation on specific developments in weak markets discourages development and is counterproductive.

Originality/value

This detailed study of 30 development sites is significant in that it provides a better understanding of the barriers to residential development on brownfield land in the UK.

Details

Journal of European Real Estate Research, vol. 8 no. 3
Type: Research Article
ISSN: 1753-9269

Keywords

Book part
Publication date: 29 November 2019

Peter G. Håkansson and Magnus Andersson

The aim of this chapter is to investigate regional inequality and centralization tendencies in Sweden. For this, we use official data from Statistics Sweden on house prices and…

Abstract

The aim of this chapter is to investigate regional inequality and centralization tendencies in Sweden. For this, we use official data from Statistics Sweden on house prices and employment. The data is on the municipality level and covers the period 1985–2014. The research question then becomes, in relation to employment and house prices, which municipalities have gained and which have lost during this period? The time period has been divided into three subperiods that reflect different phases in the process of economic structural change. Two major economic crises are used to signal the end and the start of new structural phases in the Swedish economy. The study uses two dimensions of local economy: employment rates and house prices in municipalities in relation to the national mean. The results indicate increasing divergence between Swedish municipalities over the period. However, the magnitude of the divergence differs within the studied period. Particularly, when it comes to house prices, the third subperiod (2009–2014) shows increasing divergence between Stockholm and Gothenburg in relation to Malmö and the rest of country. Further, when we study the two dimensions simultaneously in accordance with our model, the number of municipalities with above-national-mean employment rates and house prices decreases over time. In the last period, 2009–2014, municipalities with means above the national mean are concentrated in urban agglomerations mainly located close to Sweden’s three largest cities.

Details

Investigating Spatial Inequalities
Type: Book
ISBN: 978-1-78973-942-8

Keywords

Article
Publication date: 1 March 2016

Yonghua Zou

Over the past three decade, China has established a housing finance system that borrows from the collective experiences of advanced economies. After examining the evolution of…

Abstract

Over the past three decade, China has established a housing finance system that borrows from the collective experiences of advanced economies. After examining the evolution of China’s housing finance system, the paper focuses on analyzing its challenges and recent changes. The paper argues that China’s highly-centralized financial system prefers financial stability but neglects financial liberalization, and then resulted in severe financial repression, which hurts the efficiency and equality of the housing finance service. After recovering from the 2008 financial crisis via high-cost financial intervention, China took some policy innovations to promote a decentralized finance mechanism, expand finance resources, and support affordable housing financing, through which China hopes to provide a more stable, affordable, and equal housing finance service to help more households own homes.

Details

Open House International, vol. 41 no. 1
Type: Research Article
ISSN: 0168-2601

Keywords

Book part
Publication date: 7 August 2017

Lynda Cheshire

Based on a case study of the Logan Renewal Initiative (LRI) in Queensland Australia, this chapter examines the competing aims bound up in programmes of urban renewal and the way…

Abstract

Purpose

Based on a case study of the Logan Renewal Initiative (LRI) in Queensland Australia, this chapter examines the competing aims bound up in programmes of urban renewal and the way different stakeholder groups advocate for one component of the programme while seeking to prevent another.

Methodology/approach

A qualitative case study approach is used based on interview and documentary material to elicit the competing views and opinions of local residents, state and local governments, housing providers and other stakeholders around a renewal programme.

Findings

It is found that there are two competing agendas bound up within the LRI, with gentrification at the heart of each. One focuses on the virtues of the social housing reform agenda, but sees gentrification as an unintended and undesirable outcome that needs to be carefully managed. The other is a place-improvement ambition that sees gentrification as an effective policy mechanism, but one that will be undermined by any increases in the stock of social and affordable housing.

Social implications

The chapter emphasizes that programmes of renewal are rarely coherent policy tools, but are subject to change, contestation and negotiation as stakeholders compete to impose their own desired outcomes. In the case of the LRI, both outcomes will likely result in the marginalization of low-income groups unless their needs are placed at the forefront of its design.

Originality/value

The chapter engages critically with the widely held view that urban renewal is a means of gentrifying local neighbourhoods by showing how local conditions and circumstances render the relationship between renewal and gentrification far more complex that generally conceived.

Details

Social Housing and Urban Renewal
Type: Book
ISBN: 978-1-78714-124-7

Keywords

Open Access
Article
Publication date: 8 October 2021

Xiuzhi Zhang, Zhijie Lin and Junghyun Maeng

The sharing economy has enjoyed rapid growth in recent years, and entered many traditional industries such as accommodation, transportation and lending. Although researchers in…

1978

Abstract

Purpose

The sharing economy has enjoyed rapid growth in recent years, and entered many traditional industries such as accommodation, transportation and lending. Although researchers in information systems and marketing have attempted to examine the impacts of the sharing economy on traditional businesses, they have not yet studied the rental housing market. Thus, this research aims to investigate the impact of the sharing economy (i.e. home-sharing) on traditional businesses (i.e. rental housing market).

Design/methodology/approach

The authors assemble rich data from multiple sources about the entry of a leading Chinese home-sharing platform (i.e. Xiaozhu.com) and local housing rental price index. Then, econometric models (i.e. linear panel-level data models) are employed for empirical investigation. Instrumental variables are used to account for potential endogeneity issues. Various robustness checks are adopted to establish the consistency of the findings.

Findings

Overall, the estimation results show that the entry of a home-sharing platform will decrease the local housing rental price. Moreover, this impact would be strengthened in a more developed city. Additionally, this impact would be strengthened with higher prices of new houses or second-hand houses.

Originality/value

First, this research is one of the first to study the impact of the sharing economy (i.e. home-sharing) on traditional markets (i.e. housing rentals). Second, it contributes to the relevant literature by documenting that the impact of a platform's entry is not uniform but contingent on city and housing market characteristics. Third, practically, the findings also offer important implications for platform operators and policy makers.

Details

Internet Research, vol. 32 no. 7
Type: Research Article
ISSN: 1066-2243

Keywords

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