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The distribution of London residential property prices and the role of spatial lock-in

Nygaard, A. and Meen, G. (2013) The distribution of London residential property prices and the role of spatial lock-in. Urban Studies, 50 (12). pp. 2535-2552. ISSN 1360-063X

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To link to this item DOI: 10.1177/0042098013477704

Abstract/Summary

Much of mainstream economic analysis assumes that markets adjust smoothly, through prices, to changes in economic conditions. However, this is not necessarily the case for local housing markets, whose spatial structures may exhibit persistence, so that conditions may not be those most suited to the requirements of modern-day living. Persistence can arise from the existence of transaction costs. The paper tests the proposition that housing markets in Inner London exhibit a degree of path dependence, through the construction of a three-equation model, and examines the impact of variables constructed for the 19th and early 20th centuries on modern house prices. These include 19th-century social structures, slum clearance programmes and the 1908 underground network. Each is found to be significant. The tests require the construction of novel historical datasets, which are also described in the paper.

Item Type:Article
Refereed:Yes
Divisions:Faculty of Arts, Humanities and Social Science > School of Politics, Economics and International Relations > Economics
ID Code:31037
Publisher:Sage

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