Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2021.2019076
Comparisons of housing price risks between first-time buyer and former owner-occupier markets in England
I-Chun Tsai
Wen-Kai Wang
Sažetak
This study employs housing data from the nine main regions of
England and from overall England to compare the volatility risks
of housing prices for the first-time buyer (FTB) and former owneroccupier (FOO) markets. This study collects data from February
2012 to March 2020 to assess the volatility characteristics of housing prices in these two markets in each region of England.
Additionally, the effect of interest rate shocks and the wealth
effect of the stock market on these two markets are observed.
The results reveal that for most regions, the FTB market has
higher housing price volatility risks compared with the FOO market. Additionally, the FTB market is more easily affected by interest rate shocks and the wealth effect. In contrast to FOOs, FTBs
are generally younger and less wealthy. If FTBs are facing a market with higher housing price risk, especially when the overall
economy is affected by a shock (such as the European Debt Crisis
or the COVID-19 pandemic), the response of the FTB housing
market is greater; then the government must pay special attention when implementing policies that interfere with the market
since these policies would particularly affect the welfare of FTBs.
Ključne riječi
First-time buyers; former owner-occupiers; interest rate shocks; wealth effect; risk transmission
Hrčak ID:
302776
URI
Datum izdavanja:
31.3.2023.
Posjeta: 175 *