ABSTRACT
The flat break-up market in London is more than a one-off case study of limited interest and applicability. It is a particular expression of a more general and widespread processth–at of the conversion of rented apartment buildings to owner occupation which has occurred in many Western capitalist societies over the last 10 to 20 years. Because of the variability of the tenure transformation process, it is impossible to explain its development in any given area or at any given time solely in terms of the general economics of ownership versus renting. Instead, it is necessary to relate the analysis of underlying processes to the contingent factors which affect their specific manifestations. The analysis of the flat break-up market in London also highlights the crucial role played by housing suppliers in the production and transformation of residential space. Changes in the level of profitability also occur between the residential property market, other sectors of the property market and the non-property sector.
