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The purpose of this research is to examine the nature of housing market affordability. Although the problem of housing affordability has been widely discussed, the…
The purpose of this research is to examine the nature of housing market affordability. Although the problem of housing affordability has been widely discussed, the theoretical underpinnings of the concept have received less attention. It has become increasingly evident that more holistic insights and integrated approaches are needed to provide a platform to define affordability to influence research and policy discourse.
Given the increasing importance of affordability within housing policy reform, this paper seeks to “unearth” the most important prognosticators of affordability. The paper uses principal component analysis to determine how affordability, as a key policy tool, should be analysed. In addition, co integration techniques, Granger causality and impulse response analysis are applied to test the movement and shocks of the key affordability indicators and the two common affordability metrics.
The principal conclusions stemming from this paper demonstrate that affordability is a multifaceted policy concept influenced by financial access (purchase) costs and the repayment costs of housing services which are correlated and interchangeable but significantly were found not to be co integrated.
Understanding the nature of housing market affordability remains problem for policy-makers. This paper adds to the debate and empirical understanding of the cyclic nature of affordability and how it is defined. It shows that there are intricate causal short-term relationships between the key affordability indicators. This is problematic for contemporary housing policy and the key directions in which policy must turn.
This paper aims to analyse the characteristics of papers published in the Journal of Financial Management of Property and Construction (JFMPC) for the period 2010-2015…
This paper aims to analyse the characteristics of papers published in the Journal of Financial Management of Property and Construction (JFMPC) for the period 2010-2015 (Volumes 15.1-20.1 inclusive), to consider characteristics and recent trends among said publications and to discuss possible future directions in the subject field.
Descriptive statistics and qualitative content analysis via word count frequencies.
Eighty papers were published by a combined group of 216 authors. Lead authors were from a total of 50 academic and five private organisations. Sixty-seven papers were multi-authored, 10 of which were multi-national. Eighty-six papers were classified as research papers, 5 per cent were conceptual, 4 per cent general review, 2.5 per cent technical, 1.3 per cent case study and 1.3 per cent viewpoint. There were 46,251 downloads of these papers, which when time-adjusted, represented an average of 64 downloads per paper, per issue of availability on the Web. Most popular keywords were “construction”, “industry”, “project” and “private”. Among all keywords, the most popular themes were countries, organisations, miscellaneous and business.
Analysis highlights previous trends and possible future research themes.
The findings are unique to JFMPC and therefore novel/new.