Data and Code for: History Dependence in the Housing Market
Principal Investigator(s): View help for Principal Investigator(s) Philippe Bracke; Silvana Tenreyro
Version: View help for Version V1
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EPC-raw-data | 06/10/2020 04:33:PM | ||
00_function.do | text/x-stata-syntax | 12.4 KB | 01/17/2020 03:43:AM |
00_mainscript.do | text/x-stata-syntax | 3.5 KB | 04/25/2020 12:59:AM |
01_epc_prepare.do | text/x-stata-syntax | 2.4 KB | 04/25/2020 01:04:AM |
01_lookup_postcode_laua_gor.do | text/x-stata-syntax | 172 bytes | 01/17/2020 03:43:AM |
02_lr_prepare.do | text/x-stata-syntax | 703 bytes | 01/17/2020 03:43:AM |
02_zoopla_prepare.do | text/x-stata-syntax | 1.3 KB | 01/17/2020 03:43:AM |
03_prepare_landreg_charge.do | text/x-stata-syntax | 488 bytes | 04/25/2020 01:06:AM |
03_prepare_landreg_for_hp_index.do | text/x-stata-syntax | 265 bytes | 01/17/2020 03:43:AM |
04_estimate_hp_index.do | text/x-stata-syntax | 4.1 KB | 01/17/2020 03:43:AM |
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Project Citation:
Bracke, Philippe, and Tenreyro, Silvana. Data and Code for: History Dependence in the Housing Market. Nashville, TN: American Economic Association [publisher], 2021. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2021-03-19. https://doi.org/10.3886/E117282V1
Project Description
Summary:
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Using data on the universe of housing transactions in England and Wales over a twenty-year period, we document that sale prices and selling propensities are affected by house prices prevailing in the period in which properties were previously bought.
Using administrative data on mortgages, we show that cognitive frictions explain most of the history dependence in sale prices, whereas credit frictions are more relevant for selling propensities.
We corroborate our analysis with data on online house listings and we estimate the impact of history dependence on the collapse and slow recovery of housing market activity in the post-crisis period.
Funding Sources:
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ERC (Consolidation Grant 2016)
Scope of Project
Subject Terms:
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price fluctuations;
housing market;
reference dependence;
down-payment effects;
anchoring;
loss aversion
JEL Classification:
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E30 Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)
R21 Urban, Rural, Regional, Real Estate, and Transportation Economics: Housing Demand
R31 Housing Supply and Markets
E30 Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)
R21 Urban, Rural, Regional, Real Estate, and Transportation Economics: Housing Demand
R31 Housing Supply and Markets
Geographic Coverage:
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England and Wales
Time Period(s):
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1/1/1995 – 12/31/2014
Data Type(s):
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program source code
Methodology
Data Source:
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England and Wales Energy Performance Certificates, 2020
Unit(s) of Observation:
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House prices
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