Housing markets, signals and search

Duncan Maclennan, Anthony O’Sullivan

Research output: Contribution to journalArticlepeer-review

13 Citations (Scopus)

Abstract

Research into the spatial structure and functioning of local housing markets typically focuses on market outcomes, particularly house price changes and household movement patterns. Explanatory models are usually based upon a standard neoclassical analysis of the housing market. That approach de-emphasises the importance of imperfect information, real market processes and the signals they generate. The inherent nature of housing means that partly informed households typically engage in search activity prior to purchasing a property. Search is inevitably a spatial process. Housing market search modelling remains relatively undeveloped. However, analysis of this process can provide important additional insights to both better explain consumer behaviour and support more informed decision-making by housing planners and market providers. We illustrate these arguments using housing search data for Scotland.
Original languageEnglish
Pages (from-to)324-340
Number of pages17
JournalJournal of Property Research
Volume29
Issue number4
DOIs
Publication statusPublished - 2012

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