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Testing for long-run convergence across regional house prices in the UK: a pairwise approach

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This article tests for stochastic convergence in UK regional house prices using the recently developed pairwise approach. This approach allows for unit root tests to be conducted on all N(N − 1)/2 possible pairs of house price differentials across N regions in the UK, thus avoiding the need to choose a base region or alternative national figure as the benchmark. Using mix adjusted house price data from 1973:Q4 to 2008:Q4, the main finding is that there is no evidence of long run convergence among regional house prices or of an equilibrium relationship towards which UK regional house prices have a tendency to gravitate.
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Keywords: C33; R21; R31; house prices; housing market; pairwise approach; regional convergence

Document Type: Research Article

Affiliations: 1: Business School, University of Hull, Cottingham RoadHull,HU6 7RX, UK 2: Business School, Oxford Brookes University, Oxford,OX33 1HX, UK

Publication date: 2013-04-01

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