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Estimating local repeat sales house price indices for British cities

Estimating local repeat sales house price indices for British cities This paper argues that the methods of constructing house price indices for UK markets lag behind those employed in Europe, Australasia and North America. This is particularly evident in terms of the range and level of technical sophistication of the index construction methodologies. Importantly, the paper argues that the absence of reliable house price indicators undermines the decision‐making ability of policy makers and investors operating in urban housing markets. The paper suggests that this can, in part, be remedied by the construction of a system of local house price indices for British cities. The empirical research presents the first UK application of the repeat sales method to UK data. Indices are constructed for four cities and a range of diagnostic tests are used to establish the reliability and accuracy of the indices as a means of monitoring house price change. The research concludes by suggesting that the methods used here should be tested further on data from major metropolitan regions in England and Wales. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Property Investment & Finance Emerald Publishing

Estimating local repeat sales house price indices for British cities

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Publisher
Emerald Publishing
Copyright
Copyright © 2002 MCB UP Ltd. All rights reserved.
ISSN
1463-578X
DOI
10.1108/14635780210416255
Publisher site
See Article on Publisher Site

Abstract

This paper argues that the methods of constructing house price indices for UK markets lag behind those employed in Europe, Australasia and North America. This is particularly evident in terms of the range and level of technical sophistication of the index construction methodologies. Importantly, the paper argues that the absence of reliable house price indicators undermines the decision‐making ability of policy makers and investors operating in urban housing markets. The paper suggests that this can, in part, be remedied by the construction of a system of local house price indices for British cities. The empirical research presents the first UK application of the repeat sales method to UK data. Indices are constructed for four cities and a range of diagnostic tests are used to establish the reliability and accuracy of the indices as a means of monitoring house price change. The research concludes by suggesting that the methods used here should be tested further on data from major metropolitan regions in England and Wales.

Journal

Journal of Property Investment & FinanceEmerald Publishing

Published: Feb 1, 2002

Keywords: Housing; Pricing strategy; Estimating; Repeat buying; United Kingdom

References