This study investigates the impact of housing price uncertainty on the herding behavior in the UK's regional housing markets. Using a sample of thirteen regional housing markets and quarterly data from 1973Q4 to 2019Q2, we find that the probability of herding behavior is increasing in price uncertainty in nine of the thirteen regions and the national housing market. However, London and the Outer Metro regions, which have a high presence of institutional investors and high population, exhibit decreasing probability of herding as price uncertainty increases. We attribute this to the presence of informed investors and low asset value uncertainty. Therefore, since herding amplify market volatility, instability, fragility and asset mispricing, policy makers need to minimize policy uncertainties and implement regulatory mechanisms such as circuit breakers to circumvent the price and policy information risk from inducing non-information and irrational herding behavior among the investors.

本研究调查了房价不确定性对英国区域住房市场从众行为的影响。使用 13 个区域住房市场的样本和 1973 年第四季度至 2019 年第二季度的季度数据，我们发现在 13 个区域和全国住房市场中的 9 个区域，价格不确定性的羊群行为概率正在增加。然而，机构投资者和人口众多的伦敦和外围地铁地区，随着价格不确定性的增加，羊群效应的可能性降低。我们将此归因于知情投资者的存在和较低的资产价值不确定性。因此，由于羊群效应会放大市场波动、不稳定性、脆弱性和资产错误定价，