The Role of Forwarding-Looking Price Expectations Data published by the Royal Institution of Chartered Surveyors (RICS) in explaining and forecasting U.K. house prices.
Author
Gareth Thomas, David
Bywaters, David
Attention
2299/10028
Abstract
The objective of this paper is to make use of the forward-looking price expectations data published by the RICS to explain and forecast U.K. house prices, three-months ahead. The Nationwide index is used to test the performance of the RICS Survey based on the process of bounded rationality. An S-shaped logistic effect is shown to fit the data, assumed to be account of a diffusion path of expectations from surveyors to other agents.