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Title:
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The impact of supply constraints on house prices in England
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Author:
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Hilber, Christian A. L.; Vermeulen, Wouter
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Notes:
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We explore the impact of different types of supply constraints on House prices in England by exploiting a unique panel dataset of 353 local planning authorities ranging from 1974 to 2008. Using exogenous variation from a policy reform, vote shares and historical density to identify the endogenous constraints-measures, we find that: i) Regulatory constraints have a substantive positive impact on the house price-earnings elasticity; ii) The effect of constraints due to scarcity of developable land is largely confined to highly urbanised areas; iii) Uneven topography has a quantitatively less meaningful impact; and iv) The effects of supply constraints are greater during boom than bust periods. |
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Subject(s):
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-Habitatge
-Política de preus
-Ús del sòl
-Housing
-Prices policy
-Land use |
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Rights:
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cc-by-nc-nd, (c) Hilber et al., 2013
http://creativecommons.org/licenses/by-nc-nd/3.0/es/
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Document type:
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Working Paper |
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Published by:
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Institut d’Economia de Barcelona
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Share:
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