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The impact of supply constraints on house prices in England

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We explore the impact of different types of supply constraints on House prices in England by exploiting a unique panel dataset of 353 local planning authorities ranging from 1974 to 2008. Using exogenous variation from a policy reform, vote shares and historical density to identify the endogenous constraints-measures, we find that: i) Regulatory constraints have a substantive positive impact on the house price-earnings elasticity; ii) The effect of constraints due to scarcity of developable land is largely confined to highly urbanised areas; iii) Uneven topography has a quantitatively less meaningful impact; and iv) The effects of supply constraints are greater during boom than bust periods.

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IEB (Institut d’Economia de Barcelona) – Working Papers

# metadata.dc.title[].value
The impact of supply constraints on house prices in England