Are prices of new dwellings different? A spectral analysis of UK property vintages

The work makes two contributions to Hui’s (2011) dynamic house price classification. First, a house price ripple in cycles from Modern to Older dwellings is revealed and, second, as New housing is shown to have lower volatility than the other two. Using spectral analysis, it is argued that there is a 7½-year repeat buyer-second-hand cycle and a five year, first time buyer-New housing cycle, common to three house price vintages. These cycles reinforce each other every fifteen years, which corresponds with a Minsky super-cycle in housing finance. The equity of the owner-occupier is fortified by higher house prices whereas new builds extract embedded equity from the market. Government should support builders and facilitate access to market to first time buyers and through programmes like Help-to-Buy 1. However, to address the greater price instability that should follow, Government should impose a capital gains tax on the house seller

Hidden properties of Irish house price vintages

Using spectral analysis, prices of two Irish house vintages are investigated for hidden periodicities. What emerges is a major periodicity consistent with an Irish business cycle. A further hidden intermediate cycle in second-hand housing, that is common to all areas of Eire but featured not nearly so prominently in new housing, is posited to be related to life events and space stress. By revisiting the housing market more often, the repeat buyer injects additional volatility in house prices. It is proposed that housing policy should be directed at reducing the number of repeat buyers as a means of deflating property bubbles

Late-Medieval Horse Remains at Cesis Castle, Latvia, and the Teutonic Order's Equestrian Resources in Livonia

EXCAVATIONS AT the castle complex of Cēsis, Latvia, uncovered an unusual find of large quantities of horse bones, some of which were partially articulated, along with equestrian equipment. These were associated with a destroyed building at the edge of the southern outer bailey. The horses included large males, most probably stallions, and pathology on several of the recovered vertebrae suggests these individuals had been used for riding. The size of the horses was within the range for medieval war horses, and the associated tack also pointed to prestigious riding animals. Radiocarbon dating of the bones placed them firmly within the Teutonic Order's period of rule. We conclude here that these horses fulfilled a military role in the final decades of the Teutonic Order’s rule in Livonia in the late 15th/early 16th century and that the better-known equestrian culture of late-medieval Prussia was comparable in character, if not in scale, to that in Livonia