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

Name File Type Size Last Modified
  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

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:  View help for Summary
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:  View help for Funding Sources ERC (Consolidation Grant 2016)

Scope of Project

Subject Terms:  View help for Subject Terms price fluctuations; housing market; reference dependence; down-payment effects; anchoring; loss aversion
JEL Classification:  View help for JEL Classification
      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:  View help for Geographic Coverage England and Wales
Time Period(s):  View help for Time Period(s) 1/1/1995 – 12/31/2014
Data Type(s):  View help for Data Type(s) program source code

Methodology

Data Source:  View help for Data Source England and Wales Energy Performance Certificates, 2020
Unit(s) of Observation:  View help for Unit(s) of Observation House prices

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V1 [2021-03-19]

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