IDEAS home Printed from https://ideas.repec.org/p/boc/usug11/09.html
   My bibliography  Save this paper

Splines models for prediction of house prices

Author

Listed:
  • David Boniface

    (Epidemiology and Public Health, University College London)

Abstract

Aim: To create a web-based facility for customers to enter an address of a house and obtain a graph showing the trend of price of house since last sold, extrapolated to current date, within milliseconds. Method: The UK Land Registry of house sale prices was used to estimate mean price trends from 2000 to 2010 for each category of house. The Stata ado-file uvrs (with user-specified knots) was used to model the curve. The parameter estimates were saved. Later, to respond in real time to a query about a particular house, splinegen was used to generate the spline curve for the appropriate time period, which was adjusted to apply to the particular house and plotted on the webpage. Challenges: use of coded date, choice of user knots for splines, saving and retrieving the knots and parameter estimates, use of log scale for prices to deal with skewed price distribution, estimation of prediction intervals, and the 2009 slump in house prices

Suggested Citation

  • David Boniface, 2011. "Splines models for prediction of house prices," United Kingdom Stata Users' Group Meetings 2011 09, Stata Users Group.
    • Handle: RePEc:boc:usug11:09
    as

    Download full text from publisher

    File URL: http://repec.org/usug2011/UK11_boniface.ppt
    File Function: presentation slides
    Download Restriction: no
    ---><---

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:boc:usug11:09. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Christopher F Baum (email available below). General contact details of provider: https://edirc.repec.org/data/stataea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.