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Article
Publication date: 2 February 2022

Daniel Lo, Michael McCord, Peadar T. Davis, John McCord and Martin Edward Haran

House price-to-rent (P-t-R) ratios are among the most widely used measures of housing market conditions. Given the theoretical and apparent bidirectional, causal…

Abstract

Purpose

House price-to-rent (P-t-R) ratios are among the most widely used measures of housing market conditions. Given the theoretical and apparent bidirectional, causal relationships and imbalances between the housing market, broader economy and financial market determinants, it is important to understand the relationship between macro- and micro-economic characteristics in relation to the P-t-R ratio to enhance the understanding of housing market dynamics. This paper studies the joint dynamics and persistence of house prices and rents and examines the temporal interactions of the P-t-R ratio and economic and financial determinants.

Design/methodology/approach

The authors examine the lead–lag relationships between the P-t-R ratios and a spectrum of macroeconomic variables using cointegration and causality methods, initially at the aggregate position and also across housing types within the Northern Ireland housing market to establish whether there are subtle differences in how various housing segments react to changes in economic activity and market fundamentals.

Findings

The findings reveal price switching dynamics and some very distinct long- and short-run relationships between macroeconomic and financial indicators and the P-t-R ratios across the various housing segments. The results exhibit monetary supply, foreign exchange markets and the stock market to be important drivers of the P-t-R ratio, with P-t-R movements seemingly tied, or are in tandem, with the overall economy, particularly with the construction sector.

Practical implications

The study shows that the P-t-R ratio can be used as an early measure for establishing the effects of macroprudential policy changes and how these may manifest across housing tiers and quality, which can further act as a signal for preventing or at least mitigating future irrational price cyclicity. These insights serve to inform housing and economic policy and macroprudential policy design, principally within lending policy and the effect of regulatory interventions and further enhance the understanding of the P-t-R ratio on housing market structure and dynamics.

Originality/value

This study is the first in the housing literature that examines the causal relationships between the P-t-R ratio and macroeconomic activity at the sub-market level. It investigates whether and how money supply, inflation, foreign exchange markets, general economic productivity and other important macroeconomic factors interact with the pricing of different property types over time.

Details

Journal of Property Investment & Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1463-578X

Keywords

Content available
Article
Publication date: 6 November 2017

Akintola Akintoye, Peadar T. Davis and Gary D. Holt

284

Abstract

Details

Journal of Financial Management of Property and Construction, vol. 22 no. 3
Type: Research Article
ISSN: 1366-4387

Content available
Article
Publication date: 6 April 2020

Kaushal Priyankara Keraminiyage and Peadar T. Davis

250

Abstract

Details

Journal of Financial Management of Property and Construction , vol. 25 no. 1
Type: Research Article
ISSN: 1366-4387

Article
Publication date: 3 October 2016

Michael James McCord, Peadar T. Davis, Martin Haran and John McCord

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…

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Originality/value

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.

Details

International Journal of Housing Markets and Analysis, vol. 9 no. 4
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 24 November 2022

Sean MacIntyre, Michael McCord, Peadar T. Davis, Aggelos Zacharopoulos and John A. McCord

The purpose of this study is to examine whether PV uptake is associated with key housing market determinants and linked to socio-economic profiles. An abundance of extant…

Abstract

Purpose

The purpose of this study is to examine whether PV uptake is associated with key housing market determinants and linked to socio-economic profiles. An abundance of extant literature has examined the role of solar photovoltaic (PV) adoption and user costs, with an emerging corpus of literature investigating the role of the determinants of PV uptake, particularly in relation to the built environment and the spatial variation of PV dependency and dissimilarity. Despite this burgeoning literature, there remains limited insights from the UK perspective on housing market characteristics driving PV adoption and in relation spatial differences and heterogeneity that may exist.

Design/methodology/approach

Applying micro-based data at the Super Output Area-level geography, this study develops a series of ordinary least squares, spatial econometric models and a logistic regression analysis to examine built environment, housing tenure and deprivation attributes on PV adoption at the regional level in Northern Ireland, UK.

Findings

The findings emerging from the research reveal the presence of some spatial clustering and PV diffusion, in line with several existing studies. The findings demonstrate that an urban-rural dichotomy exists seemingly driven by social interaction and peer effects which has a profound impact on the likelihood of PV adoption. Further, the results exhibit tenure composition and “economic status” to be significant and important determinants of PV diffusion and uptake.

Originality/value

Housing market characteristics such as tenure composition across local market structures remain under-researched in relation to renewable energy uptake and adoption. This study examines the role of housing market attributes relative to socio-economic standing for adopting renewable energy.

Details

Journal of Financial Management of Property and Construction , vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1366-4387

Keywords

Content available
Article
Publication date: 4 April 2016

Akintola Akintoye, Gary D. Holt and Peadar T. Davis

252

Abstract

Details

Journal of Financial Management of Property and Construction, vol. 21 no. 1
Type: Research Article
ISSN: 1366-4387

Content available
Article
Publication date: 2 November 2015

Akintola Akintoye, Gary D. Holt and Peadar T. Davis

187

Abstract

Details

Journal of Financial Management of Property and Construction, vol. 20 no. 3
Type: Research Article
ISSN: 1366-4387

Content available
Article
Publication date: 4 November 2013

Gary D. Holt, Peadar T Davis and Akintola Akintoye

146

Abstract

Details

Journal of Financial Management of Property and Construction, vol. 18 no. 3
Type: Research Article
ISSN: 1366-4387

Article
Publication date: 3 August 2015

Gary D. Holt, Akin Akintoye and Peadar T. Davis

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…

1259

Abstract

Purpose

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.

Design/methodology/approach

Descriptive statistics and qualitative content analysis via word count frequencies.

Findings

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.

Research limitations/implications

Analysis highlights previous trends and possible future research themes.

Originality/value

The findings are unique to JFMPC and therefore novel/new.

Details

Journal of Financial Management of Property and Construction, vol. 20 no. 2
Type: Research Article
ISSN: 1366-4387

Keywords

Content available
Article
Publication date: 7 April 2015

Akintola Akintoye, Gary D. Holt and Peadar T Davis

151

Abstract

Details

Journal of Financial Management of Property and Construction, vol. 20 no. 1
Type: Research Article
ISSN: 1366-4387

1 – 10 of 41