The real value of house prices: what the cost of accommodation can tell policymakers
Item Type:Journal Article
Citation:Lyons, Ronan C.. 'The real value of house prices: what the cost of accommodation can tell policymakers'. - Dublin: Statistical and Social Inquiry Society of Ireland, Vol.41, 2011-2012, pp 71-91
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This paper explores the potential for the housing market to inform public policy in Ireland by developing a model of the determinants of the cost of accommodation. It does this by using a rich dataset of sales and lettings accommodation costs in Ireland over the period 2006-2010. A large empirical literature has grown up around a core concept that households pay to enjoy particular amenities. Five categories of amenity are included in the analysis: market depth, transport, human capital, social capital and environmental amenities. The typical amenity included is found to have a significant effect on accommodation costs, one that is larger in the sales segment than in the rental segment. Differences by amenity type highlight the importance of using ?supply-side variation? to ensure the robustness of estimates of private benefit from public goods.
Description:read before the Society, 15 March 2012
Author: Lyons, Ronan C.
Publisher:Statistical and Social Inquiry Society of Ireland
Type of material:Journal Article
Series/Report no:Journal of the Statistical and Social Inquiry Society of Ireland;
Vol. 41, 2011-2012;
Availability:Full text available