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A reconceptualisation of the housing cycle based on household upgrading desires

A reconceptualisation of the housing cycle based on household upgrading desires The paper sets out a conceptualisation of the housing cycle centring on households' desire to upgrade their housing consumption.Design/methodology/approachThe paper begins by studying house price trends and cycles in OECD countries since 2000 to identify housing cycle patterns. It then assesses existing theories partly in relation to these patterns. It then proposes a new conceptualisation of the housing cycle.FindingsThe paper finds the central role of supply lags in housing cycles is not warranted. Instead, a demand cycle generated by upgrading desires better explains an initial boom followed by a slow recovery.Originality/valueThe paper challenges existing orthodoxy on housing cycle dynamics and proposes an alternative perspective. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of European Real Estate Research Emerald Publishing

A reconceptualisation of the housing cycle based on household upgrading desires

Journal of European Real Estate Research , Volume 16 (3): 12 – Nov 24, 2023

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References (34)

Publisher
Emerald Publishing
Copyright
© Emerald Publishing Limited
ISSN
1753-9269
DOI
10.1108/jerer-11-2022-0037
Publisher site
See Article on Publisher Site

Abstract

The paper sets out a conceptualisation of the housing cycle centring on households' desire to upgrade their housing consumption.Design/methodology/approachThe paper begins by studying house price trends and cycles in OECD countries since 2000 to identify housing cycle patterns. It then assesses existing theories partly in relation to these patterns. It then proposes a new conceptualisation of the housing cycle.FindingsThe paper finds the central role of supply lags in housing cycles is not warranted. Instead, a demand cycle generated by upgrading desires better explains an initial boom followed by a slow recovery.Originality/valueThe paper challenges existing orthodoxy on housing cycle dynamics and proposes an alternative perspective.

Journal

Journal of European Real Estate ResearchEmerald Publishing

Published: Nov 24, 2023

Keywords: Housing cycles; House prices; Supply lags: upgrading; Owner occupation; OECD countries

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