Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/84699
Authors: 
Miles, David
Year of Publication: 
2012
Series/Report no.: 
External MPC Unit Discussion Paper 35
Abstract: 
This paper develops a model of the housing market that takes account of population density to assess the impact of population changes on the value and size of the housing stock. The model implies that if population density is on an upward trajectory, rises in population and in incomes increasingly generate price response and diminishing rises in the stock of housing. This has implications for the optimal structure of housing finance. It makes equiy financing of home purchase more desirable. The properties of hybrid debt-equity contracts for financing house purchase are explored.
Subjects: 
demographics
house prices
mortgage design
population density
housing
debt-equity
equity financing
JEL: 
J11
R31
R34
Document Type: 
Working Paper

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