Data and Code for: History Dependence in the Housing Market

Principal Investigator(s): View help for Principal Investigator(s) Philippe Bracke; Silvana Tenreyro

Name	File Type	Size	Last Modified
domestic-E06000001-Hartlepool			04/20/2020 11:20:AM
domestic-E06000002-Middlesbrough			04/20/2020 11:23:AM
domestic-E06000003-Redcar-and-Cleveland			04/20/2020 11:25:AM
domestic-E06000004-Stockton-on-Tees			04/20/2020 11:30:AM
domestic-E06000005-Darlington			04/20/2020 11:33:AM
domestic-E06000006-Halton			04/20/2020 11:35:AM
domestic-E06000007-Warrington			04/20/2020 11:39:AM
domestic-E06000008-Blackburn-with-Darwen			04/20/2020 11:41:AM
domestic-E06000009-Blackpool			04/20/2020 11:45:AM
domestic-E06000010-Kingston-upon-Hull-City-of			04/20/2020 11:50:AM

Project Description

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.

Scope of Project

Subject Terms: price fluctuations; housing market; reference dependence; down-payment effects; anchoring; loss aversion

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: England and Wales

Data Type(s): program source code

Methodology

Data Source: England and Wales Energy Performance Certificates, 2020

Unit(s) of Observation: House prices

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Published Versions

V1 [2021-03-19]

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Dublin Core

DDI 2.5

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