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Asymmetric Price Adjustment in the London Housing Market: A Disaggregated Analysis

Steven Cook and Duncan Watson

The literature on the econometric analysis of UK housing prices is extended via a disaggregated analysis of asymmetric price adjustment in the London market. Using a robust non-parametric approach, extensive asymmetric behaviour is detected. Examination of ‘all properties’ indices reveals a higher level of asymmetric price adjustment in the higher priced Inner London regions relative to Outer London. However, interesting variations in asymmetric behaviour are detected in more detailed analyses involving consideration of alternative classifications of housing. The implications of the dependence of the results on spatial factors and alternative house types are considered.