UCL Discovery
UCL home » Library Services » Electronic resources » UCL Discovery

The housing stock, housing prices, and user costs: the roles of location, structure and unobserved quality

Halket, J; Nesheim, L; Oswald, F; (2015) The housing stock, housing prices, and user costs: the roles of location, structure and unobserved quality. (cemmap Working Paper CWP73/15). Centre for microdata methods and practice (cemmap): London, UK.

[thumbnail of cwp731515.pdf] Text
cwp731515.pdf - Published version
Access restricted to UCL open access staff

Download (6MB)

Abstract

Using the English Housing Survey, we estimate a supply side selection model of the allocation of properties to the owner-occupied and rental sectors. We find that location, structure and unobserved quality are important for understanding housing prices, rents and selection. Structural characteristics and unobserved quality are important for selection. Location is not. Accounting for selection is important for estimates of rent-to-price ratios and can explain some puzzling correlations between rent-to-price ratios and homeownership rates. We interpret this as strong evidence in favor of contracting frictions in the rental market likely related to housing maintenance.

Type: Working / discussion paper
Title: The housing stock, housing prices, and user costs: the roles of location, structure and unobserved quality
DOI: 10.1920/wp.cem.2015.7315
Publisher version: https://doi.org/10.1920/wp.cem.2015.7315
Language: English
Additional information: This version is the version of record. For information on re-use, please refer to the publisher’s terms and conditions.
Keywords: user cost of housing, hedonic prices, housing
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS > Dept of Economics
URI: https://discovery.ucl.ac.uk/id/eprint/10060502
Downloads since deposit
1Download
Download activity - last month
Download activity - last 12 months
Downloads by country - last 12 months

Archive Staff Only

View Item View Item