ABSTRACT
While the growth of home ownership is one of the principal characteristics of Britain's housing market, it is important to recognize that cultural and other factors do influence ownership patterns. Market information on property purchases and sales provides evidence on changes in ownership, but the underlying pattern is difficult to discern, especially for secondary property. There are clear differences in price levels, both sectorally and spatially. In some good-quality urban locations housing is able to outbid industry, while in other areas retailing would be unprofitable and hence it does not enter into the calculations. The level of prices and the number of transactions are clearly connected in Britain's housing market, though difficulties in comprehension are created by the persistence of inflation in Britain. The concept of speculation in land and property is difficult to define in Britain. Speculation in housing exists to the extent that purchasers anticipate future changes in property values and national prices and incomes.
