Hilber, Christian A. L. and Vermeulen, Wouter (2016) The impact of supply constraints on house prices in England. The Economic Journal, 126 (591). 358 - 405. ISSN 0013-0133
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Abstract
We test the theoretical prediction that house prices respond more strongly to changes in local earnings in places with tight supply constraints using a unique panel dataset of 353 Local Planning Authorities in England between 1974 and 2008. Exploiting exogenous variation from a policy reform, vote shares and historical density to identify the endogenous constraints‐measures, we find that: regulatory constraints have a substantive positive impact on the house price‐earnings elasticity; the effect of constraints due to scarcity of developable land is largely confined to highly urbanised areas; and uneven topography has a quantitatively less meaningful impact.
| Item Type: | Article |
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| Official URL: | https://academic.oup.com/ej |
| Additional Information: | © 2014 The Authors |
| Divisions: | Geography and Environment Urban and Spatial Programme |
| Subjects: | H Social Sciences > HC Economic History and Conditions |
| Date Deposited: | 21 Jul 2014 09:18 |
| Last Modified: | 26 Sep 2025 23:16 |
| Funders: | National Housing Planning Advice Unit (NHPAU) Research Innovation Fund, National Housing Planning Advice Unit (NHPAU) Research Innovation Fund |
| URI: | http://eprintstest.lse.ac.uk/id/eprint/58017 |
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