The role of property finance in the performance of residential property markets: Evidence from UK House prices: 1967 to 2017

2019 ◽  
Author(s):  
Bismark Aha
Author(s):  
Stefan Homburg

Chapter 6 examines real estate as a neglected feature of actual economies. It begins with an empirical overview demonstrating the preeminent role of land as a part of nonfinancial wealth. Whereas many macroeconomic models represent nonfinancial wealth by a symbol K that is interpreted as machines and equipment (if not robots), the text makes clear that such items are of minor quantitative importance. In contemporary economies, nonfinancial wealth consists chiefly of real estate. This is the proper reason so many analysts conjecture a link between house prices and the Great Recession. Changes in house prices (primarily changes in land prices) operate on the economy through their influence on nonfinancial wealth. Nonfinancial wealth affects consumption directly and investment indirectly since it relaxes or tightens borrowing constraints. Building on the results obtained in previous chapters, the text studies housing manias and leverage cycles and relates its main findings to US data.


Author(s):  
Brian Lund

This chapter explores political conflicts over the land issue. It examines the role of land value in house prices over time, the thinking underlying Henry George’s land tax proposal, the fate of the various attempts to tax betterment value and Lloyd George’s challenge to the landed aristocracy. The politics of planning controls are reviewed with particular reference to the influence of interest groups such as the Campaign for the Protection of Rural England. The fortunes of Green Belts, New Towns, Eco-towns, Regional Development Agencies and the local use and national responses to development control are investigated. The connections between planning control and the containment of urban Britain are examined as are the electoral politics of land release in the 2010 and 2015 General Elections.


2018 ◽  
Vol 58 (5) ◽  
pp. 2249-2285 ◽  
Author(s):  
Vasilios Plakandaras ◽  
Rangan Gupta ◽  
Constantinos Katrakilidis ◽  
Mark E. Wohar

2018 ◽  
Vol 36 (6) ◽  
pp. 578-584 ◽  
Author(s):  
Nick French ◽  
Geetha Bhat ◽  
Gurpreet Matharu ◽  
Filipe Ortigão Guimarães ◽  
David Solomon

Purpose The purpose of this paper is to provide an insight into how the demographic of international and home students in the major university cities in three European countries (France, Spain and Germany) offers investors an opportunity to provide students housing. This paper looks at how a mobile and demanding student clientele now demands, well priced, good quality and purpose built accommodation during their studies at University. This offers a good property investment opportunity. Design/methodology/approach This practice briefing is an overview of the demand factors that are creating opportunities in France, Spain and Germany. Findings This paper analyses the link between the under provision of purpose built student housing and an opportunity to develop a long-term cash flow producing investment asset. Practical implications The role of the property developers and investors is to successfully identify trends and demands and provide the assets that meet the market requirements. This paper looks at the meeting point in three major European countries for this latent and, currently, poorly served demand. Originality/value This provides guidance on how investment opportunities develop in non-traditional property markets.


PLoS ONE ◽  
2021 ◽  
Vol 16 (8) ◽  
pp. e0255233
Author(s):  
Chien-Wen Lin ◽  
Jen-Cheng Wang ◽  
Bo-Yan Zhong ◽  
Joe-Air Jiang ◽  
Ya-Fen Wu ◽  
...  

Due to the complexity of socio-economic-related issues, people thought of housing market as a chaotic nucleus situated at the intersection of neighboring sciences. It has been known that the dependence of house features on the residential property value can be estimated employing the well-established hedonic regression analysis method in teams of location characteristic, neighborhood characteristic and structure characteristic. However, to further assess the roles of urban infrastructures in housing markets, we proposed a new kind of volatility measure for house prices utilizing the Lie symmetry analysis of quantum theory based on Schrödinger equation, mainly focusing on the effects of transportation systems and public parks on residential property values. Based on the municipal open government data regularly collected for four cities, including Boston, Milwaukee, Taipei and Tokyo, and all spatial sampling sites were featured by United States Geological Survey (USGS) National Map, transportation and park were modelled as perturbations to the quantum states generated by the feature space in response to the environmental amenities with different spatial extents. In an attempt to ascertain the intrinsic impact of the location-dependent price information obtained, the similarity functions associated with the Schrödinger equation were considered to facilitate revealing the city amenities capitalizing into house prices. By examining the spatial spillover phenomena of house prices in the four cities investigated, it was found that the mass transit systems and the public green lands possessed the infinitesimal generators of Lie point symmetries Y2 and Y5, respectively. Compared statistically with the common performance criteria, including mean absolute error (MAE), mean squared error (MSE) and, root mean squared error (RMSE) obtained by hedonic pricing model, the Lie symmetry analysis of the Schrödinger equation approach developed herein was successfully carried out. The invariant-theoretical characterizations of economics-related phenomena are consonant with the observed residential property values of the cities internationally, ultimately leading to develop a new perspective in the global financial architecture.


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