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House prices, wealth effects and labour supply

Disney, Richard; Gathergood, John


Richard Disney


We examine the impact of house prices on labour supply decisions using UK micro data. We combine household survey data with local level house price measures and controls for local labour demand. Our micro data also allows us to control for individual level income expectations. We find significant house price effects on labour supply, consistent with leisure being a normal good. Labour supply responses to house prices are concentrated among young married female owners and older owners. This finding suggests house prices affect the decisions of marginal workers in the economy. Our estimates imply house prices are economically important for the participation decisions for these workers.


Disney, R., & Gathergood, J. (2018). House prices, wealth effects and labour supply. Economica, 85(339), 449-478.

Journal Article Type Article
Acceptance Date Jun 22, 2017
Online Publication Date Nov 1, 2017
Publication Date Jun 7, 2018
Deposit Date Jul 3, 2017
Publicly Available Date Nov 2, 2019
Journal Economica
Print ISSN 0013-0427
Electronic ISSN 1468-0335
Publisher Wiley
Peer Reviewed Peer Reviewed
Volume 85
Issue 339
Pages 449-478
Keywords Labour supply; Wealth effects; House prices
Public URL
Publisher URL
Additional Information This is the peer reviewed version of the following article: Disney, R. and Gathergood, J. (2017), House Prices, Wealth Effects and Labour Supply. Economica. doi:10.1111/ecca.12253, which has been published in final form at This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving."


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