The spatiality of housing market volatility and selective migration
There are longstanding concerns about volatility in the UK housing market. The price volatility of the market at a national level has been the subject of significant political and academic attention. At the same time, the housing market has become increasingly spatially differentiated. This paper se...
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| Published in | Town planning review Vol. 84; no. 1; pp. 107 - 125 |
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| Main Authors | , |
| Format | Journal Article |
| Language | English |
| Published |
Liverpool
Liverpool University Press
01.01.2013
Liverpool University Press (UK) |
| Subjects | |
| Online Access | Get full text |
| ISSN | 0041-0020 1478-341X |
| DOI | 10.3828/tpr.2013.6 |
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| Abstract | There are longstanding concerns about volatility in the UK housing market. The price volatility of the market at a national level has been the subject of significant political and academic attention. At the same time, the housing market has become increasingly spatially differentiated. This paper seeks to connect issues of housing market change and differentiation to the separate literature on demand and mobility processes. The paper begins by considering the nature of price changes in the UK housing market over the past 40 years. The emergence of widening regional disparities in house prices since the 1980s is remarked upon and a number of supply- and demand-side drivers of the housing market and of volatility are discussed. The paper then focuses on the potential role of residential mobility, particularly selective migration, between areas of similar socioeconomic characteristics in exacerbating market differentials. It concludes with a number of policy suggestions, notably that there remains an important role for demand-side responses to volatility and for sub-regional planning for housing in the UK. |
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| AbstractList | There are longstanding concerns about volatility in the UK housing market. The price volatility of the market at a national level has been the subject of significant political and academic attention. At the same time, the housing market has become increasingly spatially differentiated. This paper seeks to connect issues of housing market change and differentiation to the separate literature on demand and mobility processes. The paper begins by considering the nature of price changes in the UK housing market over the past 40 years. The emergence of widening regional disparities in house prices since the 1980s is remarked upon and a number of supply- and demand-side drivers of the housing market and of volatility are discussed. The paper then focuses on the potential role of residential mobility, particularly selective migration, between areas of similar socioeconomic characteristics in exacerbating market differentials. It concludes with a number of policy suggestions, notably that there remains an important role for demand-side responses to volatility and for sub-regional planning for housing in the UK. There are longstanding concerns about volatility in the UK housing market. The price volatility of the market at a national level has been the subject of significant political and academic attention. At the same time, the housing market has become increasingly spatially differentiated. This paper seeks to connect issues of housing market change and differentiation to the separate literature on demand and mobility processes. The paper begins by considering the nature of price changes in the UK housing market over the past 40 years. The emergence of widening regional disparities in house prices since the 1980s is remarked upon and a number of supply- and demand-side drivers of the housing market and of volatility are discussed. The paper then focuses on the potential role of residential mobility, particularly selective migration, between areas of similar socioeconomic characteristics in exacerbating market differentials. It concludes with a number of policy suggestions, notably that there remains an important role for demand-side responses to volatility and for sub-regional planning for housing in the UK. [PUBLICATION ABSTRACT] There are longstanding concerns about volatility in the UK housing market. The price volatility of the market at a national level has been the subject of significant political and academic attention. At the same time, the housing market has become increasingly spatially differentiated. This paper seeks to connect issues of housing market change and differentiation to the separate literature on demand and mobility processes. The paper begins by considering the nature of price changes in the UK housing market over the past 40 years. The emergence of widening regional disparities in house prices since the 1980s is remarked upon and a number of supply- and demand-side drivers of the housing market and of volatility are discussed. The paper then focuses on the potential role of residential mobility, particularly selective migration, between areas of similar socioeconomic characteristics in exacerbating market differentials. It concludes with a number of policy suggestions, notably that there remains an important role for demand-side responses to volatility and for sub-regional planning for housing in the UK. Reprinted by permission of Liverpool University Press There are longstanding concerns about volatility in the UK housing market. The price volatility of the market at a national level has been the subject of significant political and academic attention. At the same time, the housing market has become increasingly spatially differentiated. This paper seeks to connect issues of housing market change and differentiation to the separate literature on demand and mobility processes. The paper begins by considering the nature of price changes in the UK housing market over the past 40 years. The emergence of widening regional disparities in house prices since the 1980s is remarked upon and a number of supply- and demand-side drivers of the housing market and of volatility are discussed. The paper then focuses on the potential role of residential mobility, particularly selective migration, between areas of similar socioeconomic characteristics in exacerbating market differentials. It concludes with a number of policy suggestions, notably that there remains an important role for demand-side responses to volatility and for sub-regional planning for housing in the UK. Keywords: housing market, volatility, migration There are longstanding concerns about volatility in the UK housing market. The price volatility of the market at a national level has been the subject of significant political and academic attention. At the same time, the housing market has become increasingly spatially differentiated. This paper seeks to connect issues of housing market change and differentiation to the separate literature on demand and mobility processes. The paper begins by considering the nature of price changes in the UK housing market over the past 40 years. The emergence of widening regional disparities in house prices since the 1980s is remarked upon and a number of supply- and demand-side drivers of the housing market and of volatility are discussed. The paper then focuses on the potential role of residential mobility, particularly selective migration, between areas of similar socioeconomic characteristics in exacerbating market differentials. It concludes with a number of policy suggestions, notably that there remains an important role for demand-side responses to volatility and for sub-regional planning for housing in the UK. Adapted from the source document. |
| Audience | Trade |
| Author | Ferrari, Ed Rae, Alasdair |
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| SubjectTerms | Analysis Behavior Connectivity Differentiation Dwellings Econometrics Economic aspects Economic inflation England Housing Housing demand Housing market Housing prices Internal migration Macroeconomics Market planning Market prices Markets Markets (Economics) Migration Prices Regional planning Regions Residential mobility Selective migration Socioeconomic factors Socioeconomic status Studies Sub-regional planning Supply & demand United Kingdom Volatility Volatility (Finance) |
| Title | The spatiality of housing market volatility and selective migration |
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