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U.K. House Prices: Bubbles or Market Efficiency? Evidence from Regional Analysis
Journal of Risk and Financial Management
This paper studies U.K. regional house prices across nine regions from January 2005 to December 2017 to identify regional versus national effects on house prices and potential house price bubbles. It uses a version of the Gordon dividend discount model, modelling house prices as the present value of imputed rents as a measure of fundamentals. It differentiates between long-term and short-term effect using pooled mean group (PMG) and mean group estimation (MG) to determine variations in regionaldoi:10.3390/jrfm11030054 fatcat:plepj7kbjbdv7ley7mahddwigq