ABSTRACT
This paper draws on evidence and analysis from a recent project to examine propositions about the drivers of neighbourhood housing market outcomes in England, particularly price changes over the last 10–20 years. It uses a set of linked models at neighbourhood and subregional levels to examine issues about how housing markets operate at neighbourhood level, in particular the importance of (sub-)regional economic and demographic factors, the nature and persistence of disequilibrium, the existence of sub-markets and the influence of supply. This may be seen as providing a bridge between macro-economic analyses of housing markets and micro-level perspectives on individual choices over mobility, tenure and location, as well as the social and institutional processes which channel market transactions.
