ABSTRACT
An analysis of the housing market requires a broad elaboration of its structure and mechanism and the influences on demand and supply in the determination of the production, allocation and price of dwellings. While income, tastes and household and financial circumstances determine the demand for the quality and quantity of housing, the resultant stock and standard acquired represents an important contributor to the growth, development and welfare of a society. Location and environmental factors are important in housing. The stock of housing varies greatly in location, size, condition and price. Housing stock will be purchased provided the return on the capital sum invested is greater than the return on alternative investment opportunities. In the face of the emergence of run-down, poor quality housing, much post-war policy for the housing of the poor has been heavily concentrated on purpose-built council housing of a certain minimum standard to provide cheap, standardised housing units.
