Abstract
Summary The residential property market is dependent upon the overall well‐being of the economy, with movements of the residential property prices following a cyclical movement over time. The macro‐economic factors that influence prices are studied for the United Kingdom and compared with results from other countries. In the United Kingdom's case interest rates, building costs, the number of new housing starts, disposable income, investment in other assets, inflation and expectations play important roles in the determination of residential price movements. In addition, the numbers of new housing developments that are started are determined by interest rates, disposable income, building costs and expectations of property price rises. The building costs are also determined by wage rates, interest rates and the rate of inflation.
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