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A review of recent trends in house construction and land prices in Great Britain

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  • James Meikle

Abstract

Over the last few decades, house prices in the UK have risen at a higher rate than general prices, as measured by, for example, the retail price index. Construction prices, on the other hand, tend to have risen broadly in line with general prices. Assuming the same things are being measured in each case, this implies that, over the period, the price of land, the most significant non-construction element of house prices, has risen at a faster rate than house prices and a much higher rate than construction prices. This paper reviews past price trends and concludes that not only have house prices risen faster than construction prices but also that, as a result, construction prices represent a smaller proportion of house prices. The paper also considers briefly what might be the implications if that trend continued- or if it did not.

Suggested Citation

  • James Meikle, 2001. "A review of recent trends in house construction and land prices in Great Britain," Construction Management and Economics, Taylor & Francis Journals, vol. 19(3), pages 259-265.
    • Handle: RePEc:taf:conmgt:v:19:y:2001:i:3:p:259-265
    DOI: 10.1080/01446190010020499
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    Cited by:

    1. Ma, Le & Liu, Henry J. & Edwards, David J. & Sing, Michael C.P., 2021. "Housing price dynamics on residential construction: A case study of the Australian property sector," Structural Change and Economic Dynamics, Elsevier, vol. 59(C), pages 525-532.
    2. Fan, Jianshuang & Zhou, Lin & Yu, Xiaofen & Zhang, Yanjiang, 2021. "Impact of land quota and land supply structure on China’s housing prices: Quasi-natural experiment based on land quota policy adjustment," Land Use Policy, Elsevier, vol. 106(C).
    3. Sviatlana Engerstam & Abukar Warsame & Mats Wilhelmsson, 2023. "Exploring the Effects of Municipal Land and Building Policies on Apartment Size in New Residential Construction in Sweden," JRFM, MDPI, vol. 16(4), pages 1-25, April.

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