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Economic policy uncertainty and house prices: evidence from geographical regions of England and Wales

Economic policy uncertainty and house prices: evidence from geographical regions of England and Wales
Economic policy uncertainty and house prices: evidence from geographical regions of England and Wales
This paper empirically investigates the effect of the economic policy uncertainty on house prices across 10 different geographical regions of England and Wales. The empirical study is conducted by means of the Autoregressive Distributed Lag (ARDL) bounds cointegration test. Results show a stable long‐run relationship (cointegration) between house prices and its determinants (including economic policy uncertainty) in nine of the regions. Results also evince long‐term and short‐term negative effect of uncertainty to house prices. These results clearly indicate the importance of economic policy uncertainty in the determination of UK house prices and demand.
1540-6229
Choudhry, Taufiq
6fc3ceb8-8103-4017-b3b5-2d38efa57728
Choudhry, Taufiq
6fc3ceb8-8103-4017-b3b5-2d38efa57728

Choudhry, Taufiq (2018) Economic policy uncertainty and house prices: evidence from geographical regions of England and Wales. Real Estate Economics. (doi:10.1111/1540-6229.12266).

Record type: Article

Abstract

This paper empirically investigates the effect of the economic policy uncertainty on house prices across 10 different geographical regions of England and Wales. The empirical study is conducted by means of the Autoregressive Distributed Lag (ARDL) bounds cointegration test. Results show a stable long‐run relationship (cointegration) between house prices and its determinants (including economic policy uncertainty) in nine of the regions. Results also evince long‐term and short‐term negative effect of uncertainty to house prices. These results clearly indicate the importance of economic policy uncertainty in the determination of UK house prices and demand.

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Accepted/In Press date: 27 September 2018
e-pub ahead of print date: 4 October 2018

Identifiers

Local EPrints ID: 424929
URI: http://eprints.soton.ac.uk/id/eprint/424929
ISSN: 1540-6229
PURE UUID: 0de6742b-f8d0-46cb-b0cb-6087b91516ea
ORCID for Taufiq Choudhry: ORCID iD orcid.org/0000-0002-0463-0662

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Date deposited: 05 Oct 2018 16:30
Last modified: 18 Feb 2021 16:55

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