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Tackling Housing Market Volatility in the UK. Part I: Long- and Short-term Volatility

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  • Mark Stephens

Abstract

The UK housing market has exhibited persistent price volatility over the past 40 years, which has deleterious social and economic consequences. This is the first of two papers to synthesise the work of the Joseph Rowntree Foundation's Housing Market Taskforce that was established to identify long-term solutions to tackle, first, the root causes of volatility and, second, to provide better protection for households from its consequences. This paper deals with the first of these issues. It argues that there is a need to improve housing supply to tackle volatility in the long run, but that that counter-cyclical policies are also required to tackle volatility in the short run.

Suggested Citation

  • Mark Stephens, 2012. "Tackling Housing Market Volatility in the UK. Part I: Long- and Short-term Volatility," International Journal of Housing Policy, Taylor & Francis Journals, vol. 12(3), pages 367-380.
    • Handle: RePEc:taf:intjhp:v:12:y:2012:i:3:p:367-380
    DOI: 10.1080/14616718.2012.709674
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    Cited by:

    1. Chyi Lin Lee & Richard G. Reed, 2014. "The Relationship between Housing Market Intervention for First-Time Buyers and House Price Volatility," Housing Studies, Taylor & Francis Journals, vol. 29(8), pages 1073-1095, November.
    2. Sarah Nield, 2015. "Mortgage Market Review: “Hard-Wired Common Sense?”," Journal of Consumer Policy, Springer, vol. 38(2), pages 139-159, June.
    3. Geoffrey M. Ngene & Daniel P. Sohn & M. Kabir Hassan, 2017. "Time-Varying and Spatial Herding Behavior in the US Housing Market: Evidence from Direct Housing Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 54(4), pages 482-514, May.
    4. Paraskevi Katsiampa & Kyriaki Begiazi, 2019. "An empirical analysis of the Scottish housing market by property type," Scottish Journal of Political Economy, Scottish Economic Society, vol. 66(4), pages 559-583, September.
    5. Balcilar, Mehmet & Gupta, Rangan & Sousa, Ricardo M. & Wohar, Mark E., 2021. "Linking U.S. State-level housing market returns, and the consumption-(Dis)Aggregate wealth ratio," International Review of Economics & Finance, Elsevier, vol. 71(C), pages 779-810.
    6. Charles Ka Yui Leung, 2015. "Availability, Affordability and Volatility: The Case of the Hong Kong Housing Market," International Real Estate Review, Global Social Science Institute, vol. 18(3), pages 383-428.
    7. Girum D. Abate & Luc Anselin, 2016. "House price fluctuations and the business cycle dynamics," CREATES Research Papers 2016-06, Department of Economics and Business Economics, Aarhus University.

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