Understanding the demand for housing
22 April 2010
Professor Alex Marsh
Alex Marsh, Professor of Public Policy and Head of School, gave a plenary address to 'Housing in an Era of Change', the Housing Studies Association Annual Conference 2010, 14-16 April.
Professor Marsh's presentation on 'Social status and the demand for housing' argued for the need to rethink the drivers of housing demand. In addition to the consumption and investment motives that economists typically examine, fuller recognition of the role of housing in signaling social position and the importance of relative consumption levels in influencing housing demand has the potential substantially to reshape our understanding of market functioning. Status concerns can provide a key component for an explanation of the short term dynamics of housing booms. Taking account of status concerns in consumption could also have significant implications for policy on housing taxation.
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