A dramatic fall in the annual rent to house price ratio and long real interest rates during a period of relatively static real rents in the UK suggests that the stream of future imputed rents became discounted at successively lower interest rates from 1995 onwards. This paper argues that the...

We develop a theoretical model of house market disequilibrium. Price and quantity adjustments occur as the consequence of inventory adjustment in the absence of a market maker. This approach reveals a process of dynamic adjustment whereby sellers alter their reservation prices in response to...

An enigma has emerged in the UK mortgage possessions data. As expected, possessions in England and Wales have been decreasing in line with falling unemployment and interest rates, but in Scotland, possessions are actually on the increase. This puzzling pattern in the data forms the rationale for...

Transactions bias arises because properties that trade are not a random sample of the total housing stock. Price indices are potentially susceptible to this bias because they are typically based on transactions data. Existing approaches to this problem have relied on Heckman-type correction...

[abstract missing - contribution appeared in the programme]

The housing submarkets literature has continued to grow but somewhat unevenly. It is typically atheoretical, concentrating on innovations in empirical methods for boundary identification and hedonic regression refinement. This paper aims to provide the first step towards the development of a...

The UK residential mortgage market has developed into a sophisticated market with a complex pricing structure, an array of products designed to cater for subsets of perceived borrower needs and aggressive pricing. Studies on the pricing structure of mortgages in the mid-2000s confirmed...

In this paper we present the results of a household level model of mortgage arrears based on twelve waves of the British Household Panel Survey (BHPS). We use the model to bridge the gap in the UK mortgage default literature between models that emphasize an equity explanation of default, and...

It is estimated that two million properties and five million people are located in areas at flood risk in England and Wales, with nearly 100,000 homes and businesses at risk of flooding in Scotland. These numbers are anticipated to rise significantly as a result of climate change which the IPCC...

How quickly owner occupied dwellings can be sold has implications for a wide range of personal economic decisions, and is potentially useful in explaining local market dynamics. Thus far, the literature on time on the market has been almost exclusively North American. This paper seeks to present...