Abstract
At first sight, data on real house prices in the U.S.A. and the U.K. appear to suggest that behavior has differed over time in the two countries at both the national and subnational levels. Furthermore, empirical estimates of the main house price elasticities in the literature appear to differ. In this paper, we ask whether the differences are really as great as previous work suggests. We argue that, by adopting a common methodological framework, the same theory can explain behavior in both countries. Also, there are important similarities in subnational house price trends that are not immediately evident from inspection of the data.
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