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Title: How much is worth? : novel quantitative approaches to understanding the changing geography of house prices in England
Author: Feng, Yingyu
ISNI:       0000 0004 5991 3701
Awarding Body: University of Bristol
Current Institution: University of Bristol
Date of Award: 2016
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Location has been found to be a paramount factor for house prices. Not only do house prices vary between different places, these spatial variations also tend to change through time. This thesis seeks to understand the role of location, or 'space' on house prices and the contemporary changing geographical patterns of house prices in England and Wales over time through novel model-based statistical approaches. How 'space' can be incorporated into different price modelling strategies is first examined. It is found that 'space' is important at multiple scales for house prices, and multilevel models specified at the micro level of house and the macro level of neighbourhoods are particularly effective at capturing these multiscale latent effects. This framework is then deployed to compare different conceptualisations of 'space', through postcode, census geography and neighbourhood classifications for London. It is again confirmed that location is important and that geography and spatial contiguity matters. It proceeds by incorporating the 'time' element to analyse the changing dynamics of house prices between places. The spatial and temporal variations in London house prices are considered simultaneously through growth curve models and group-based methods. Both the observed and unobserved heterogeneous price trajectories between places are used to develop a new typology of neighbourhood change. The spatiotemporal patterns for the entirety of England and Wales are finally investigated through a fixed- and random-effects approach, whereby both regional-level and multiple sub-regional levels are considered simultaneously. Very distinctive patterns are found in London compared to what has happened in other regions. This thesis presents the first large-scale systematic analysis of the contemporary changing geographies at multiple spatial scales during a time when the UK's housing market has undergone substantial temporal fluctuations and increased spatial variations. The empirical results also have important implications for central and local governments for spatially differentiated housing policy and local urban regeneration.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available