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Regional UK house price co-movement

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  • William Miles

Abstract

Cyclical synchronization of home prices has important implications for monetary (and other) policies. Regional house price divergence, even over a business cycle, can inhibit labour mobility and prevent workers from moving to where they could add most to their own wages and overall growth. We study house price co-movement across the different UK regions with a method, that, unlike previously employed techniques, allows for time-varying estimates. We find first, that the UK exhibits more home price divergence compared to previously reported results for the US. Second, regions near London exhibit the most co-movement, and those further from London the most divergence. Third, London itself is in the ‘middle of the pack’ in terms of synchronization compared to other regions. This may reflect London’s status as a ‘global city’ and being the destination for housing demand from sources abroad. Lastly, segmentation has clearly been increasing, rather than decreasing in recent years.

Suggested Citation

  • William Miles, 2020. "Regional UK house price co-movement," Applied Economics, Taylor & Francis Journals, vol. 52(45), pages 4976-4991, September.
    • Handle: RePEc:taf:applec:v:52:y:2020:i:45:p:4976-4991
    DOI: 10.1080/00036846.2020.1752361
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    Cited by:

    1. Vijay Kumar Vishwakarma, 2021. "Long-run drivers and integration in interprovincial Canadian housing price relations," International Journal of Housing Markets and Analysis, Emerald Group Publishing Limited, vol. 16(1), pages 22-40, November.
    2. Geoffrey M. Ngene & Rangan Gupta, 2021. "Impact of Housing Policy Uncertainty on Herding Behavior: Evidence from UK's Regional Housing Markets," Working Papers 202115, University of Pretoria, Department of Economics.
    3. James E. Payne & Xiaojin Sun, 2023. "Time‐varying connectedness of metropolitan housing markets," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 51(2), pages 470-502, March.

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