On the Aggregate Housing Market Implications of Labour Market Change

Meen, Geoffrey; Andrew, Mark

doi:10.1111/1467-9485.00105

Cited by 47 publications

(39 citation statements)

References 17 publications

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“…There are several studies of U.S. MA's (metropolitan areas) [see, e.g., Abraham and Hendershott (1996), Malpezzi (1999), Capozza et al (2004), and Hwang and Quigley (2006)]. There is, however, a sizable literature on regional house prices in the U.K., an extensive review of which is provided in Meen and Andrew (1998).…”

Section: Theoretical Background and Literature Reviewmentioning

confidence: 99%

“…A complete review and discussion of the factors contributing to the finding of nonstationarity of national and regional real house prices is beyond the scope of this study. However, some major candidates include the cost of land (Malpezzi, 1999), population, real interest rate, and real household income [see, e.g., Meen (1990), Meen and Andrew (1998), and Meen (2002)], any or all of which may themselves be nonstationary.…”

Section: Theoretical Background and Literature Reviewmentioning

confidence: 99%

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Trends, Cycles and Convergence in U.S. Regional House Prices

Clark

Coggin²

2009

J Real Estate Finan Econ

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Section: Theoretical Background and Literature Reviewmentioning

confidence: 99%

Section: Theoretical Background and Literature Reviewmentioning

confidence: 99%

Trends, Cycles and Convergence in U.S. Regional House Prices

Clark

Coggin²

2009

J Real Estate Finan Econ

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“…As suggested in Meen (1998), job insecurity is impacting on propensities to purchase. Higher household incomes are not necessarily resulting in the purchase of more housing or in the case of this project, more expensive homes, even for those in permanent employment.…”

Section: Discussion Of Findingsmentioning

confidence: 96%

“…Maclennan et al (1997) concludes that increased flexibility and insecurity in the labour market offered the best explanation for changes in attitude among home buyers in the 1990s. Meen (1998) also suggests that labour market change has had profound outcomes for housing demand in the UK. He discusses the influence of structural changes in labour markets on the nature and quantity of housing demand and demonstrates that the income elasticities of aggregate housing demand are lower as a result of changes in the labour market.…”

Section: Trends In Labour Marketsmentioning

confidence: 99%

Job Security and First Homebuyers

Kupke

Marano

2004

Urban Policy and Research

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“…This implies that construction would have to increase by large amounts to put significant downward pressure on prices if demand is strong. Fifth, the share of wages and salaries in household income accounts for the fact that wage and investment income may have different impacts on housing demand (Meen and Andrew, 1998).…”

Section: Box 2 How Do House Prices Relate To Fundamentals?mentioning

confidence: 99%

Improving the Functioning of the Housing Market in the United Kingdom

André

2011

OECD Economics Department Working Papers

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A well-functioning housing market is essential for economic prosperity and well-being. A combination of favourable economic and financial conditions and tight housing supply led to sharp increases in real house prices between the mid-1990s and end 2007, which spurred household consumption. While this boosted output growth, economic imbalances and financial weaknesses mounted, leaving the economy vulnerable to the global financial crisis. Current land use planning policy is excessively restrictive, making supply unresponsive to demand and contributing to creating housing shortages and reducing affordability. While additional supply in the private rental market provides an alternative to homeownership for a significant number of households, social housing waiting list numbers have increased rapidly over the past decade. A reform to replace top-down building targets with incentives for local communities to allow development is underway, but the outcomes are somewhat uncertain. Housing taxation is regressive and encourages excessive demand for housing. More effective taxation could help contain demand and stabilise the housing market. Relying more on long-term and diversified funding for mortgages would also improve the stability of the housing market. Améliorer le fonctionnement du marché du logement au Royaume Uni Un marché du logement performant est indispensable à la prospérité économique et au bien-être. Des conditions économiques et financières favorables conjuguées à des tensions sur l’offre de logements ont entraîné une flambée des prix réels de l’immobilier résidentiel entre le milieu des années 90 et la fin de 2007, ce qui a dopé la consommation des ménages. Cela a stimulé la croissance de la production, mais les déséquilibres économiques et financiers ont pris de l’ampleur, rendant l’économie vulnérable à la crise financière mondiale. La politique actuelle d’aménagement du territoire est trop restrictive, ce qui a pour effet de rendre l’offre peu réactive à la demande, contribuant à créer des pénuries de logements et à réduire l’accessibilité financière à la propriété. Tandis qu’une offre supplémentaire sur le marché locatif privé constitue une alternative à l’accession pour un nombre substantiel de ménages, les listes d’attente dans le secteur du logement social se sont rapidement allongées durant la décennie écoulée. Une réforme est engagée pour remplacer les objectifs de construction déterminés de manière centralisée par des incitations octroyées aux collectivités locales pour qu’elles autorisent des projets immobiliers, mais les résultats sont assez incertains. La fiscalité du logement a un caractère régressif et encourage une demande de logements excessive. Une imposition plus efficace aiderait à contenir la demande et à stabiliser le marché du logement. Un recours accru à un financement à long-terme et diversifié des prêts hypothécaires renforcerait également la stabilité du marché du logement.household saving, household wealth, property taxation, United Kingdom, construction, mortgage markets, housi...

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On the Aggregate Housing Market Implications of Labour Market Change

Cited by 47 publications

References 17 publications

Trends, Cycles and Convergence in U.S. Regional House Prices

Trends, Cycles and Convergence in U.S. Regional House Prices

Job Security and First Homebuyers

Improving the Functioning of the Housing Market in the United Kingdom

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