Abstract
The paper reports on the development of a local house price index for the Aberdeen housing market. It highlights the decisions that need to be made in the
process of developing such an index and the influence of institutional context on these decisions. The basis of the index is a hedonic model re-estimated quarterly
using a rolling window approach. Index values are generated using Laspeyres (base-period) weights and defining a standard property as semi-detached with
median structural characteristics. The paper describes the additional information reported to users (alongside the index values) including changes over
different periods, price levels and the volume of transactions. Analysis of results support the development of local house price indices and confirm that
house price dynamics in the Aberdeen housing market area are distinct from those estimated for broader geographical areas.
process of developing such an index and the influence of institutional context on these decisions. The basis of the index is a hedonic model re-estimated quarterly
using a rolling window approach. Index values are generated using Laspeyres (base-period) weights and defining a standard property as semi-detached with
median structural characteristics. The paper describes the additional information reported to users (alongside the index values) including changes over
different periods, price levels and the volume of transactions. Analysis of results support the development of local house price indices and confirm that
house price dynamics in the Aberdeen housing market area are distinct from those estimated for broader geographical areas.
Original language | English |
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Place of Publication | Aberdeen |
Publisher | University of Aberdeen: Business School |
Pages | 1-36 |
Number of pages | 36 |
Volume | 2013-03 |
Publication status | Published - 19 Aug 2013 |
Publication series
Name | Business School Working Paper Series |
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No. | 03 |
Volume | 2013 |
ISSN (Electronic) | 0143-4543 |
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Index Construction and Property Market Transparency
Bryan MacGregor (Coordinator), Martin Hoesli (Coordinator), Anthony Owusu-Ansah (Coordinator), Rainer Schulz (Coordinator), Martin Wersing (Coordinator), Deborah Roberts (Coordinator) & Steven Patrick Devaney (Coordinator)
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