INE PAN: seminarium prof. Oleksandr Talavera „Liquidity Pressure and House Prices: The Case of No-Chain Sales with C. Gedikli (Swanswa), R. Hill (Graz) and O. Yilmaz (Swansea)”

Instytut Nauk Ekonomicznych PAN uprzejmie zaprasza do udziału w seminarium, na którym
Prof. Oleksandr Talavera, University of Birmingham
przedstawi referat pt.:
Liquidity Pressure and House Prices:
The Case of No-Chain Sales with C. Gedikli (Swanswa),
R. Hill (Graz) and O. Yilmaz (Swansea).

Spotkanie odbędzie się w dniu 17 września 2026 roku (czwartek)
o godzinie 11.00 w Pałacu Kultury i Nauki, Pl. Defilad 1.

Abstract

We provide novel evidence on the economic consequences of chain-free property transactions in England and Wales. While it may seem intuitive that the absence of a chain, and the coordination risk it eliminates, should command a price premium, we show that the opposite holds. Using a matched dataset of over 2.4 million Zoopla listings and Land Registry transactions from 2018 to 2023, we find that no-chain properties sell at approximately 6.5 percent lower prices and transact around two weeks faster than otherwise comparable chain properties. To address unobserved heterogeneity, we complement standard hedonic estimates with double debiased machine learning, property fixed effects, and an omitted-variable exercise. These approaches consistently point to a substantial discount. Roughly half of the baseline discount reflects persistent, time-invariant property characteristics, while the remaining component represents a discount directly associated with current no-chain status. among properties facing higher council tax burdens.