Are there booms and busts in the UK housing market?
This paper examines the historical record of UK house prices to establish if there is evidence to suggest that there have been significant changes in the prices of houses. It does this be examining a measure of affordability. This is defined as the average UK house price over the Average wage. This paper attempts to generate a simple model of the housing market and compares this with the actual data to make a forecast of likely movement
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