The Impact of Economic and Financial Factors on UK Property Performance

The Impact of Economic and Financial Factors on UK Property Performance
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经济和金融因素对英国房地产表现的影响

DOI：
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发表时间：
1999
期刊：
影响因子：
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通讯作者：
S. Tsolacos
S. Tsolacos
中科院分区：
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文献类型：
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作者：
Chris Brooks;S. Tsolacos

文献摘要

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本文采用向量自回归模型来研究宏观经济和金融变量对英国真实的房地产收益率序列的影响。研究结果表明，非预期通货膨胀和利率期限差对房地产市场具有解释力。然而，对真实的房地产序列影响最大的是真实的房地产序列本身的滞后值。我们的结论是，确定在过去12年中决定英国房地产回报的因素仍然是一项艰巨的任务。
This paper employs a vector autoregressive model to investigate the impact of macroeconomic and financial variables on a UK real estate return series. The results indicate that unexpected inflation, and the interest rate term spread have explanatory powers for the property market. However, the most significant influence on the real estate series are the lagged values of the real estate series themselves. We conclude that identifying the factors that have determined UK property returns over the past twelve years remains a difficult task.