The Dynamics of Online House Prices in the UK
Professor of Economics, Claudio Piga has been awarded a research funding grant by the Office of National Statistics to collect and elaborate on the universe of prices of ‘for sale’ properties in the UK, posted on specialised websites. Building on his extensive experience in using big data approaches and techniques, Professor Piga will initially be tracking posted house prices over a period of four months, to determine whether certain geographical areas in the UK are characterised by;
- A larger proportion of properties being discounted over time
- A longer posting period before a house is sold
- Houses on sale that are less likely to receive an offer.
The objective is to verify to what extent differences at regional levels may also provide important insights into the more general economic conditions of a region and thus used as an “economic barometer”. The project may be of interest to colleagues in Keele Universityworking outside the Business School.