Download or read book The Relationship Between House Prices and Land Supply written by Gerald Eve and published by . This book was released on 1992 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past 20 years, house prices in England have risen considerably in real terms. This report details the results of an investigation into the extent to which land supply and the operation of the planning system have affected house prices since 1970. The study is directed around four inter-relating elements: the planning system, the land market, new housing production and the housing market. Using four case study areas, in different regions, the conclusions are framed around the elements listed above.
Download or read book Economics Real Estate and the Supply of Land written by Alan W. Evans and published by John Wiley & Sons. This book was released on 2008-04-30 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book draws together the economic literature relating to the supply of land for development. The standard view appears to be that the owners of land have no interest other than to allow their land to be used for the activity which would yield the highest income. But in reality this is not so and the book's aim is to demonstrate this, to set out the reasons and to show the economic effects of the fact that landowners have other motives. The book covers the supply of land for urban development and shows how land has characteristics which differentiate it from other factors of production which will also affect its supply for some uses, e.g. land is fixed in location and its price and value are inseparable from where it is. New light is cast on the market for land (by concentrating on the supply side), and on land use planning (by taking an economic viewpoint).
Download or read book Journal of Housing Research written by and published by . This book was released on 2006 with total page 1430 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Hot Property written by Rob Nijskens and published by Springer. This book was released on 2019-06-14 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book discusses booming housing markets in cities around the globe, and the resulting challenges for policymakers and central banks. Cities are booming everywhere, leading to a growing demand for urban housing. In many cities this demand is out-pacing supply, which causes house prices to soar and increases the pressure on rental markets. These developments are posing major challenges for policymakers, central banks and other authorities responsible for ensuring financial stability, and economic well-being in general.This volume collects views from high-level policymakers and researchers, providing essential insights into these challenges, their impact on society, the economy and financial stability, and possible policy responses. The respective chapters address issues such as the popularity of cities, the question of a credit-fueled housing bubble, the role of housing supply frictions and potential policy solutions. Given its scope, the book offers a revealing read and valuable guide for everyone involved in practical policymaking for housing markets, mortgage credit and financial stability.
Download or read book Land Supply Elasticity and the Housing Price Sensitivity to Interest Rate written by Yikun Huang and published by Open Dissertation Press. This book was released on 2017-01-26 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Land Supply Elasticity and the Housing Price Sensitivity to Interest Rate" by Yikun, Huang, 黃逸昆, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: In Hong Kong, housing prices have increased significantly in recent years. Amongst all the reasons for such significant increase, low interest rate has been recognized as one of the major reasons. Many studies have provided empirical evidence to support the negative relationship between interest rate and housing prices. However, in the US, recent studies (Glaeser, Gottlieb and Gyourko, 2010; Kuttner, 2012) show that the observed effect of interest rate changes on housing prices is much less than that predicted by the standard user cost model. According to the Glaeser et al. (2010), there are three potential explanations for the low housing price sensitivity to interest rate fluctuation. First, increase in land (and therefore housing) supply elasticity can reduce the effects of the demand-side variables, including interest rate. Second, high risk premium for long term mortgage rate in the US makes housing prices less sensitive to changes in interest rates. Third, the long-term mortgage contracts in the US cannot reflect the impact of frequent short term interest rate fluctuation. Among these three potential hypotheses proposed to explain the lower than expected housing price sensitivity to interest rate changes, land supply elasticity is more relevant to Hong Kong. By focusing on Hong Kong's housing market, this thesis examines the relationship between land supply elasticity and the sensitivity of housing prices towards interest rate changes. When demand shift due to interest rate change, land supply (and therefore housing supply) may respond accordingly to reduce the impact of interest rate change. The more elastic the supply is, the weaker the housing price sensitivity to interest rate may be. Alternatively, housing prices are more sensitive to interest rate change when land supply is inelastic. To be more precisely, this study provides an empirical test on whether land supply elasticity reduces housing price sensitivity towards interest changes. Two approaches are applied to provide clear pictures of housing price sensitivity. First, data from different housing subsectors with different land supply elasticity are used for the empirical tests. The results show that prices of large units in the Hong Kong Island are significantly more sensitive to interest rate change, compared to those of small units in the New Territories. This is consistent with the implication of our hypothesis because new land for building luxurious units in Hong Kong Island is limited while there are relatively more lands available in the New Territories for smaller mass residential units. Second, in Hong Kong, all new land supply comes from the government in the form of leasehold land. Hence, government's land supply policy has a major impact on land supply elasticity. For example, there was a period of restricted land supply before the handover in 1997, which effectively reduced land supply elasticity. On the other hand, the Application List land sales system adopted by the Hong Kong government from 2000 to 2013 should increase the flexibility in land supply. Therefore, this study makes use of these policy changes as nature experiments to investigate the effect of land supply elasticity on housing price sensitivity towards interest fluctuation. The results show that housing prices are more sensitive to interest rate change during the land supply restriction period and more insensitive
Download or read book Land Supply and Housing Prices written by Qiongqiong Zheng and published by . This book was released on 2017-01-26 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Land Supply and Housing Prices: Empirical Studies of Hong Kong and Guangzhou" by Qiongqiong, Zheng, 郑琼琼, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: It is widely accepted that land supply plays an important role in restricting housing supply and adjusting housing price level. This study aims to explore the dynamic relationship and causality between land supply and housing price with the cases of Hong Kong and Guangzhou, which are two close relative Chinese cities under the framework of 'One country, two systems'. This study employs the vector auto-regression (VAR), Vector Error Correction Model (VECM) and Granger Causality test to disentangle the complicated relationship, long-run and short-run, between land supply and housing price. Besides, the dynamic analysis of VAR and VECM are conducted using innovation accounting methods such as impulse response function (IRF) and variance decomposition (VDC). The empirical results show that the land supply and housing price are co-integrated in Hong Kong during the sample period between 2001 and 2011, and a long-run unilateral causality is confirmed from housing price to land supply for Hong Kong. Regarding Guangzhou, although there is no co-integration between land supply and housing price during 2001 and 2011, Granger causality from land supply to housing price shows a time lag of 10 quarters. These findings imply the relative efficient market economy in the Hong Kong housing market compared to Guangzhou, which is also consistent with the differences in land leasing systems and housing markets in Hong Kong and Guangzhou. This study not only sheds light on the discrepancies of land leasing systems and housing market mechanism between capitalism and socialism, but also provides implications for policy makers in formulating strategy to improve housing affordability. DOI: 10.5353/th_b5108692 Subjects: Housing - Prices - China - Hong Kong Land use - China - Guangzhou Housing - Prices - China - Guangzhou Land use - China - Hong Kong
Download or read book Rethinking the Economics of Land and Housing written by Josh Ryan-Collins and published by Zed Books Ltd.. This book was released on 2017-02-28 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why are house prices in many advanced economies rising faster than incomes? Why isn’t land and location taught or seen as important in modern economics? What is the relationship between the financial system and land? In this accessible but provocative guide to the economics of land and housing, the authors reveal how many of the key challenges facing modern economies - including housing crises, financial instability and growing inequalities - are intimately tied to the land economy. Looking at the ways in which discussions of land have been routinely excluded from both housing policy and economic theory, the authors show that in order to tackle these increasingly pressing issues a major rethink by both politicians and economists is required.
Download or read book Why Can t You Afford a Home written by Josh Ryan-Collins and published by John Wiley & Sons. This book was released on 2018-11-26 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Throughout the Western world, a whole generation is being priced out of the housing market. For millions of people, particularly millennials, the basic goal of acquiring decent, affordable accommodation is a distant dream. Leading economist Josh Ryan-Collins argues that to understand this crisis, we must examine a crucial paradox at the heart of modern capitalism. The interaction of private home ownership and a lightly regulated commercial banking system leads to a feedback cycle. Unlimited credit and money flows into an inherently finite supply of property, which causes rising house prices, declining home ownership, rising inequality and debt, stagnant growth and financial instability. Radical reforms are needed to break the cycle. This engaging and topical book will be essential reading for anyone who wants to understand why they can’t find an affordable home, and what we can do about it.
Download or read book The Housing Boom and Bust written by Thomas Sowell and published by Basic Books (AZ). This book was released on 2009-05-12 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explains how we got into the current economic disaster that developed out of the economics and politics of the housing boom and bust. The "creative" financing of home mortgages and "creative" marketing of financial securities based on these mortgages to countries around the world, are part of the story of how a financial house of cards was built up--and then collapsed.
Download or read book The Inflation of House Prices Its Extent Causes and Consequences written by Leo Grebler and published by Free Press. This book was released on 1979 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Affordability and the Supply of Housing written by Great Britain: Parliament: House of Commons: ODPM: Housing, Planning, Local Government and the Regions Committee and published by The Stationery Office. This book was released on 2006-03-20 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: Affordability and the supply of Housing : Session 2005-06, Vol. 2: Oral and written Evidence
Download or read book Planning Land Supply and House Prices written by Sarah Monk and published by . This book was released on 1991 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Effects of Land Use Controls on Housing Prices written by Lawrence F. Katz and published by . This book was released on 1980 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The major portion of this paper examines the impacts on housing costs of the most important types of land-use, environmental, and construction regulations - zoning, subdivision controls, growth management techniques, building codes, and environmental regulations - by reviewing the literature and presenting some simple theoretical models. A final section of this paper presents some initial empirical results of the author's research on the impact of local land-use regulations on land and housing costs in California."--Page 3
Download or read book Housing Market Behavior with Restrictive Land Supply written by Ruijue Peng and published by . This book was released on 1993 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Dynamics of Property Location written by Russell Schiller and published by Taylor & Francis. This book was released on 2003-07-13 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why is property located where it is and how has this process changed in recent years? A number of factors such as social change and technological development, have affected location and these are considered. Value, the way changing patterns are measured, is examined and there is a discussion of rent contours. The book considers location in the retail industry, looking at the theory, hierarchy, clustering and dispersal. The move to out of town sites, with its three waves of decentralisation, is described. Central place theory, dating from the 1930s, is discounted as being obsolete and misleading. Finally the book covers offices, industrial and residential property.
Download or read book Land Policy Boom bust Real Estate Markets written by Jonathan D. Cheney and published by . This book was released on 1994 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: U.S. land and real estate markets went on a roller coaster ride in the 1980s and early 1990s. The combination of economic growth, demographic change, and federal tax and banking policies that stimulated this boom-bust cycle affected regional economic performance, the affordability of housing, and local governments' fiscal health. This report discusses whether and how local government should attempt to mitigate the effects of such cycles and examines a range of available land and tax policy tools.
Download or read book Town and Country Planning in the UK written by Barry Cullingworth and published by Routledge. This book was released on 2006-10-16 with total page 625 pages. Available in PDF, EPUB and Kindle. Book excerpt: This revised fourteenth edition reinforces this title's reputation as the bible of British planning. It provides a through explanation of planning processes including the institutions involved, tools, systems, policies and changes to land use.
