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Shedding new light on residential property price variation in England: a multi-scale exploration

Chi, B; Dennett, A; Oléron-Evans, T; Morphet, R; (2020) Shedding new light on residential property price variation in England: a multi-scale exploration. Environment and Planning B: Urban Analytics and City Science 10.1177/2399808320951212. (In press). Green open access

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Abstract

Exploring the nature of spatial and temporal variation in house prices is important because it can help better understand such issues as affordability and equity of access to housing. In the UK, research on house price variation has been hindered by a lack of extensive data linking the prices of properties at different places and times to their physical attributes. This paper addresses this gap through using a new dataset linking Land Registry Price Paid Data to attribute data from Ordnance Survey and Energy Performance Certificates datasets. The new data are used to investigate spatial disparities in England’s house prices at four geographical scales (from local authority to individual address) between 2009 and 2016 – a period of sustained price rises after the global financial crisis of 2008. We selected two housing price measures for comparison, namely transaction price and the house price per square metre. Multilevel variance components models are used to estimate variation in the two house price measures at four different spatial scales and we compare spatial disparities in the two measures at these different scales. Our results suggest that accounting for the size of properties by using house price per square metre offers a more accurate picture of house price variation than does the use of transaction prices at the same geographic scale. Spatial disparities in house price per square metre are more apparent and are seen to be clustered at local authority level and highly clustered at Middle Layer Super Output Area level, with imbalances increasing during this eight-year period and highlighting the strong and growing influence of London on the national housing market.

Type: Article
Title: Shedding new light on residential property price variation in England: a multi-scale exploration
Open access status: An open access version is available from UCL Discovery
DOI: 10.1177/2399808320951212
Publisher version: https://doi.org/10.1177/2399808320951212
Language: English
Additional information: This article is distributed under the terms of the Creative Commons Attribution-NonCommercial 4.0 License (https://creativecommons.org/licenses/by-nc/4.0/) which permits non-commercial use, reproduction and distribution of the work without further permission provided the original work is attributed as specified on the SAGE and Open Access pages (https://us.sagepub.com/en-us/nam/open-access-at-sage).
Keywords: Housing, house price variation, multilevel modelling, England
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > Centre for Advanced Spatial Analysis
URI: https://discovery.ucl.ac.uk/id/eprint/10107556
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