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Appears in Collections:Accounting and Finance Journal Articles
Peer Review Status: Refereed
Title: Price adjustment in the London housing market
Author(s): Webb, Robert
Watson, Duncan
Cook, Steven
Keywords: convergence
real estate
Issue Date: 17-Dec-2019
Citation: Webb R, Watson D & Cook S (2019) Price adjustment in the London housing market. Urban Studies.
Abstract: Recent research into the dynamic adjustment of prices within the London housing market is extended via the application of a novel two-step procedure. Combining the non-parametric analysis of the ranking distributions of the levels and changes in house prices with the application of a cross-sectional convergence technique results in the detection of a three-tier system in which highly significant convergence clubs are identified within borough-level data. These findings contrast with both the divergence apparent when considering all boroughs and the failure of previous research to identify convergent groupings. The novelty of the empirical methods is supplemented by a discussion of various theoretical factors such as gentrification, displaced demand, immigration, foreign investment and criminal activity in relation to the findings obtained.
DOI Link: 10.1177/0042098019878349
Rights: Webb R, Watson D & Cook S, Price adjustment in the London housing market, Urban Studies (Forthcoming). Copyright © The Authors 2019. Reprinted by permission of SAGE Publications. DOI: 10.1177/0042098019878349
Notes: Output Status: Forthcoming/Available Online
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