A new investigation of housing price models

Overview

The existing studies about the housing price models are always explained by the demand and supply factors, such as income level, mortgage rates, construction cost, unemployment,  public spending, and demographic factors (see Adam and Fuss, 2010; Afonso and Sousa, 2012; Hibers et al., 2008; Engsted et al., 2016). However, these factors are not adequate to explain the housing market since the pandemic combined with a set of green policies all around the world. Numerous factors have emerged since the pandemic globally. First, the new form of the existing housing stock plays an important role in the housing market, such as the cooling housing market in China. In the UK, the shortage of housing supply is a well-known housing issue. Second, the pandemic reshaped the needs of houses. More and more firms allowed to work from home since the pandemic, which creates a demand for houses. Third, there are many policies related to the housing market all over the world, such as stamp duty, right-to-buy, limit-to-buy, overseas surcharge, green home policies, etc. In this project, we will investigate:

1.the gaps between demand and supply.
2.the new factors in determining housing prices.
3.the most effective policies in controlling the housing market.

This project will use either panel data or time series analysis on housing price as the dependent variable. The new explorations of housing variables will be added to the existing housing price models. The new variable proposed can be collected as secondary data or primary data subject to ethnic approval. The conclusion made from this project helps policy-makers choose the best policies to achieve their goals. It can also help the household understand the market more so that we can improve affordability for first-time buyers.

Nottingham Business School is triple crown accredited with EQUIS, AACSB and AMBA – the highest international benchmarks for business education. It has also been ranked by the Financial Times for its Executive Education programmes in 2023 and 2024. NBS is one of only 47 global business schools recognised as a PRME Champion, and held up as an exemplar by the United Nations of Principles of Responsible Management Education (PRME).

Its purpose is to provide research and education that combines academic excellence with positive impact on people, business and society.  As a world leader in experiential learning and personalisation, joining NBS as a researcher is an opportunity to achieve your potential.

Applications for October 2025 intake closes on 1st July 2025 and applications for Jan 2026 intake closes on 1st October 2025.

References
Adams Z and Fu¨ss R (2010) ‘Macroeconomic determinants of international housing markets’, Journal of Housing Economics, 19(1), 38-50.
Afonso A and Sousa R M (2012) ‘The macroeconomic effects of fiscal policy’, Applied Economics, 44(34), 4439-4454.
Engsted T, Hviid S J and Pedersen T Q (2016) ‘Explosive bubbles in house prices? Evidence from the OECD countries’, Journal of International Financial Markets, Institutions and Money, 40, 14-25.
Hilbers P, Hoffmaister A W, Banerji A and Shi H (2008) ‘House price developments in Europe: A comparison’, IMF working paper.