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Bubble Trouble--Are British House Prices Significantly Overvalued?

Abstract:

The OECD last December said British house prices were overvalued by 30% or more. There has been much talk, including in a 2005 speech by Gordon Brown, of a house price bubble. This article, by Gavin Cameron, John Muellbauer and Anthony Murphy of Oxford University, finds no significant evidence for a bubble from a dynamic panel data model of British regional house prices between 1972 and 2003. The model consists of a system of inverted housing demand equations, incorporating spatial interactio...

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Journal:
Economic Outlook
Volume:
30
Publication date:
2006-01-01
URN:
uuid:ebfa71f8-ebbb-46e5-8c77-e3653e4dba0c
Local pid:
oai:economics.ouls.ox.ac.uk:10597
Language:
English

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