Are prices of New dwellings different? A spectral analysis of UK property vintages

References

• Alexander, C., & Barrow, M. (1994). Seasonality and cointegration of regional house prices in the UK. Urban Studies, 31, 1667–1689.https://doi.org/10.1080/00420989420081571
   Web of Science ®Google Scholar
• Barker, K. (2003). Review of housing supply: Interim report—Analysis. London: HMSO.
   Google Scholar
• Barras, R., & Ferguson, D. (1985). A spectral analysis of building cycles in Britain. Environment and Planning A, 17, 1369–1391.https://doi.org/10.1068/a171369
   Web of Science ®Google Scholar
• Benito, A. (2006, March). How does the down-payment constraint affect the UK housing market? ( Bank of England Working Paper 294). London: Bank of England.
   Google Scholar
• Bover, O., Muellbauer, J., & Murphy, A. (1989). Housing. Wages and UK labour markets. Oxford Bulletin of Economics and Statistics, 51, 367–382.
   Google Scholar
• Brinkley, M. (unknown). How fast can you build a House? Homebuilding and renovation. Retrieved September 26, 2014, from www.homebuilding.co.uk
   Google Scholar
• Canova, F. (1999). Does detrending matter for the determination of the reference cycle and the selection of turning point? The Economic Journal, 109, 125–150.
   Web of Science ®Google Scholar
• Chen, M.-C., Kawaguchi, Y., & Patel, K. (2004). An analysis of the trends and cyclical behaviours of house prices in the Asian markets. Journal of Property Investment & Finance, 22, 55–75.
   Google Scholar
• Cogley, T., & Nason, J. (1995). Effects of the Hodrick–Prescott filter on trend and difference stationary time series implications for business cycle research. Journal of Economic Dynamics and Control, 19, 253–278.https://doi.org/10.1016/0165-1889(93)00781-X
   Web of Science ®Google Scholar
• Cook, S., & Holly, S. (2000). Statistical properties of UK house prices: An analysis of disaggregated vintages. Urban Studies, 37, 2045–2051.https://doi.org/10.1080/713707230
   Web of Science ®Google Scholar
• Coulson, N., & Mcmillen, D. (2007). The dynamics of intraurban quantile house price indexes. Urban Studies, 44, 1517–1537.https://doi.org/10.1080/00420980701373446
   Web of Science ®Google Scholar
• Dicks, M. (1989, February). The housing market. Bank of England Quarterly Bulletin, pp. 66–75.
   Google Scholar
• DiPasquale, D., & Wheaton, W. (1996). Urban economics and real estate markets. Englewood Cliffs, NJ: Prentice Hall.
   Google Scholar
• Dusansky, R., & Wilson, P. W. (1993). The demand for housing: Theoretical considerations. Journal of Economic Theory, 61, 120–138.https://doi.org/10.1006/jeth.1993.1061
   Google Scholar
• Financial Policy Committee. (2014, October 2). Statement. Bank of England. Retrieved November 13, 2014, from http://www.bankofengland.co.uk/financialstability/Documents/fpc/statement021014.pdf
   Google Scholar
• Gray, D. (2012). District house price movements in England and Wales 1997–2007: An exploratory spatial data analysis approach. Urban Studies, 49, 1411–1434.https://doi.org/10.1177/0042098011417020
   Web of Science ®Google Scholar
• Hamilton, J. (1994). Time series analysis. Princeton, NJ: Princeton University Press.
   Google Scholar
• Harvey, A. (1993). Time series models (2nd ed.). Hemel Hempstead: Harvester Wheatsheaf.
   Google Scholar
• Ho, L., Ma, Y., & Haurin, D. (2008). House price changes across quality tiers. Journal of Real Estate Finance & Economics, 37, 299–316.
   Web of Science ®Google Scholar
• Hughes-Hallett, A., & Richter, C. (2004). Spectral analysis as a tool for financial policy: An analysis of the short-end of the British term structure. Computational Economics, 23, 271–288.https://doi.org/10.1023/B:CSEM.0000022836.40541.9f
   Google Scholar
• Hui, H.-C. (2011). Cycles in landed and non‐landed housing sub‐markets in Malaysia. International Journal of Housing Markets and Analysis, 4, 144–154.https://doi.org/10.1108/17538271111137921
   Google Scholar
• Jenkins, G., & Watts, D. (1968). Spectral analysis and its applications. London: Holden-Day.
   Google Scholar
• King, R., & Rebelo, S. (1993). Low frequency filtering and real business cycles. Journal of Economic Dynamics and Control, 17, 207–231.https://doi.org/10.1016/S0165-1889(06)80010-2
   Web of Science ®Google Scholar
• Levy, D., & Dezhbakhsh, H. (2003). International evidence on output fluctuation and shock persistence. Journal of Monetary Economics, 50, 1499–1530.https://doi.org/10.1016/j.jmoneco.2003.08.005
   Web of Science ®Google Scholar
• Liow, K. H. (2007). Cycles and common cycles in real estate markets. International Journal of Managerial Finance, 3, 287–305.https://doi.org/10.1108/17439130710756925
   Google Scholar
• Maclennan, D., Muellbauer, J., & Stephens, M. (1998). Asymmetries in housing and financial market institutions and EMU. Oxford Review of Economic Policy, 14, 54–80.https://doi.org/10.1093/oxrep/14.3.54
   Web of Science ®Google Scholar
• Mayer, C. (1993, May–June). Taxes, income distribution, and the real estate cycle: Why all houses do not appreciate at the same rate. New England Economic Review, pp. 39–50.
   Google Scholar
• Meen, G. (1996). Spatial aggregation, spatial dependence and predictability in the UK housing market. Housing Studies, 11, 345–372.
   Web of Science ®Google Scholar
• Meen, G. (1999). Regional house prices and the ripple effect: A new interpretation. Housing Studies, 14, 733–753.https://doi.org/10.1080/02673039982524
   Web of Science ®Google Scholar
• Meen, G. (2000). Housing cycles and efficiency. Scottish Journal of Political Economy, 47, 114–140.https://doi.org/10.1111/sjpe.2000.47.issue-2
   Web of Science ®Google Scholar
• Meen, G. (2005). On the economics of the barker review of housing supply. Housing Studies, 20, 949–971.https://doi.org/10.1080/02673030500291082
   Web of Science ®Google Scholar
• Office for National Statistics. (2014). House price index (HPI). Newport: Author.
   Google Scholar
• Ortalo-Magne, F., & Rady, S. (2006). Housing market dynamics: On the contribution of income shocks and credit constraints. Review of Economic Studies, 73, 459–485.https://doi.org/10.1111/roes.2006.73.issue-2
   Web of Science ®Google Scholar
• Pakko, M. (2000). The cyclical relationship between output and prices: An analysis in the frequency domain. Journal of Money Credit and Banking, 32, 382–399.https://doi.org/10.2307/2601171
   Web of Science ®Google Scholar
• Palley, T. (2010). The limits of Minsky’s financial instability hypothesis as an explanation of the crisis. Monthly Review, 61, 28–43.https://doi.org/10.14452/MR-061-11-2010-04
   Web of Science ®Google Scholar
• Palley, T. (2011). A theory of Minsky super-cycles and financial crises. Contributions to Political Economy, 30, 31–46.https://doi.org/10.1093/cpe/bzr004
   Google Scholar
• Pyhrr, S., Roulac, S., & Born, W. (1999). Real estate cycles and their strategic implications for investors and portfolio managers in the global economy. The Journal of Real Estate Research, 18, 7–68.
   Google Scholar
• Renaud, B., Zhang, M., & Koeberle, S. (1998, May 20). How the Thai real estate boom undid financial institutions—What can be done now? In Conference on Thailand’s dynamic economic recovery and competitiveness. Bangkok. Retrieved from http://citeseerx.ist.psu.edu/viewdoc/download;jsessionid=E314B03D2C9B39A31AAC1582D7EFFD40?doi=10.1.1.196.1373&rep=rep1&type=pdf
   Google Scholar
• Rosenthal, L. (1986). Regional house price interactions in the UK, 1975–81: A cross-spectral analysis. Applied Economics, 18, 1011–1023.https://doi.org/10.1080/00036848600000057
   Web of Science ®Google Scholar
• Smith, L., & Ho, M. (1996). The relative price differential between higher and lower priced homes. Journal of Housing Economics, 5, 1–17.https://doi.org/10.1006/jhec.1996.0001
   Web of Science ®Google Scholar
• Stein, J. (1995). Prices and trading volume in the housing market: A model with down-payment effects. The Quarterly Journal of Economics, 110, 379–406.https://doi.org/10.2307/2118444
   Web of Science ®Google Scholar
• Wilson, P., & Okunev, J. (1999). Spectral analysis of real estate and financial assets markets. Journal of Property Investment and Finance, 17, 61–74.https://doi.org/10.1108/14635789910252909
   Google Scholar