Fingleton, B. (2006) A cross-sectional analysis of residential property prices: the effects of income, commuting, schooling, the housing stock and spatial interaction in the english regions. Papers in Regional Science, 85 (3). pp. 339-361. ISSN 1056-8190Full text not available in this repository. (Request a copy from the Strathclyde author)
This article examines the distribution of residential property prices in 2001 across local areas in England using spatial econometric methods, showing that spatial variations in local income, income within commuting distance, the stock of residential properties and the quality of local schooling have significant effects. The residual spatial variation due to unknown factors is modelled by a proxy variable, but this does not rule out a significant spatial lag. The article argues that this represents endogenous interaction of property price levels between neighbouring areas, which is interpreted as the outcome of local market knowledge and preference, which produces greater price similarity between an area and its neighbours than one would anticipate from the levels of the exogenous price determinants.
|Keywords:||housing supply, markets, cross-sectional models, spatial econometric models, Commerce, Environmental Science (miscellaneous), Geography, Planning and Development|
|Subjects:||Social Sciences > Commerce|
|Department:||Strathclyde Business School > Economics|
|Depositing user:||Strathprints Administrator|
|Date Deposited:||08 Jan 2009 13:37|
|Last modified:||28 Oct 2016 02:09|