Consumer Housing Preferences,Government Regulation Pressure And Housing Prices Growth

In recent years,as housing prices rose huge,the pressure of consumers buying houses continue to increase,so "high prices" triggered a hot topic of the public.In December 2016,the central economic work conference put forward that "the house is used to live,not be used to fry".In order to curb house prices rose too fast and restrain from consumer speculative housing demand,the Government has adopted a series of measures to adjust and control the property market in recent years,but the effect is not quite satisfactory.Domestic and foreign scholars have done a host of research on China's housing prices,mainly concentrated in land prices,macroeconomic variables and the relationship between housing prices,and most make use of macroeconomic data,but less concerned about the micro-purchase behavior of consumers and local government regulation of housing prices.Under such a circumstance,this study takes the housing preference of the consumers and the influence of the government control on the house price as the object of study.In theory,this paper analyzes the housing demand function and the supply function.On the one hand,this paper constructs the consumer housing preference variables by using the Cobb-Douglas utility function,and then constructs the housing demand function of the article to study the impact of consumer housing preference on house prices.On the other hand,the local government as a monopoly of land supply,may be in order to improve local economic growth and other purposes to raise prices,but at the same time the rapid rise in house prices,both from the central government level or people satisfaction level to the local government to curb excessive prices rising pressure.This paper constructs the government control pressure variable from the local government regulation,and then constructs housing supply function.Through the balance between housing demand and housing supply,this paper makes an empirical study on the impact of the two variables on consumer housing preference and government regulation pressure on house price growth.In the empirical study,this paper chooses the housing prices of 35 large and medium cities from 2005 to 2015 as the research object,and examines the impact of consumer housing preferences and government regulation pressure on house price growth.This study shows that:(1)The increase of consumer housing preferences will lead to house prices rising,and the government regulation pressure will inhibit the rapid rise in house prices.(2)The government regulation pressure and the consumer housing preference have a significant positive impact on the growth of house prices,and the difference is obvious in the eastern,central and western regions.(3)Based on the empirical study on government regulation pressure,the paper found that only in the group of high government regulation pressure,the consumer housing preference significantly affected the growth of house prices,and in this group,the parameter value of consumer housing Preference is also larger,that is,in the government regulation of pressure in the city,consumer housing preferences have a deeper impact on the growth of housing prices.(4)There is a significant negative relationship between consumer housing preferences and government land supply,that is,local governments may reduce land supply based on increased consumer housing preferences.This paper suggests that the government should guide the housing needs of consumers reasonably and adjust the healthy development of various industries,so that house prices return to rational growth level.