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Speculation in the Housing Market?

Department of Economics, University of Stirling, Stirling, FK9 4LA, UK, e.j.levin{at}stir.ac.uk

Robert E. Wright

Department of Economics, University of Stirling, Stirling, FK9 4LA, UK, r.e.wright{at}stir.ac.uk

This paper presents and tests a model of house price speculation. The mechanisms by which price speculation may occur in the housing market are described and formalised. A model of house prices is constructed that allows for speculation. Aspects of this model are tested using time-series data for the UK and the Greater London area (1969-95). Overall, the analysis presents some evidence of the process of speculation as a possible determinant of house prices in the London and UK-wide housing markets.

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