Description
This paper investigates factors that contribute to median house prices in cities in the United Kingdom from year to year. Using a panel dataset, this study conducts a fixed-effects regression model to determine the impact of macroeconomic factors and housing market conditions on median house prices. The macroeconomic conditions include employment rates, interest rates, inflation, and credit availability. Housing supply will be proxied by housebuilding rate and land prices. This paper expands upon the existing literature by accounting for both household characteristics and macroeconomic conditions to highlight the importance of the both micro- and macroeconomic factors on the state of the housing market. The results will provide policy guidance on consumer expenditure and the economy.
Factors Affecting Regional Differences in UK Housing Prices Over Time
This paper investigates factors that contribute to median house prices in cities in the United Kingdom from year to year. Using a panel dataset, this study conducts a fixed-effects regression model to determine the impact of macroeconomic factors and housing market conditions on median house prices. The macroeconomic conditions include employment rates, interest rates, inflation, and credit availability. Housing supply will be proxied by housebuilding rate and land prices. This paper expands upon the existing literature by accounting for both household characteristics and macroeconomic conditions to highlight the importance of the both micro- and macroeconomic factors on the state of the housing market. The results will provide policy guidance on consumer expenditure and the economy.