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United Kingdom: Selected Issues

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  • International Monetary Fund

Abstract

This Selected Issues paper examines the factors determining housing prices in the United Kingdom. Based on econometric evidence, the paper assesses whether recent housing price increases can be explained by fundamentals or whether they represent a temporary overshooting of housing prices, characteristic of a bubble. The paper estimates a simple error-correction model that describes the dynamics of real housing prices since the 1970s. Estimation results suggest that earnings and interest rates are the key determinants of housing prices, and that changes in real housing prices exhibit a large degree of persistence.

Suggested Citation

  • International Monetary Fund, 2003. "United Kingdom: Selected Issues," IMF Staff Country Reports 2003/047, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2003/047
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=16365
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    Citations

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    Cited by:

    1. Sarah Drought & Chris McDonald, 2011. "Forecasting house price inflation: a model combination approach," Reserve Bank of New Zealand Discussion Paper Series DP2011/07, Reserve Bank of New Zealand.
    2. Efthymios Pavlidis & Ivan Paya & David Alan Peel & Alisa Yevgenyevna Yusupova, 2017. "Exuberance in the U.K. Regional Housing Markets," Working Papers 168117137, Lancaster University Management School, Economics Department.
    3. Mr. Carlo Cottarelli & Mr. Julio Escolano, 2004. "Assessing the Assessment: A Critical Look At the June 2003 Assessment of the United Kingdom'S Five Tests for Euro Entry," IMF Working Papers 2004/116, International Monetary Fund.
    4. Bellod Redondo, José Francisco, 2009. "El precio de la vivienda y la inflación en España," El Trimestre Económico, Fondo de Cultura Económica, vol. 0(302), pages 379-405, abril-jun.
    5. International Monetary Fund, 2006. "Denmark: Selected Issues," IMF Staff Country Reports 2006/342, International Monetary Fund.

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