This paper analyses the roles of property and land values in the UK economy and considers property tax reform with the objectives of improving macro-economic stability, resource allocation, economic inequality and the environment. With UK house prices at all-time peaks relative to incomes,...

Between the late 1970s and late 1980s, the UK Regional Accounts data suggest a much smaller rise in the South East earnings premium and consequently a much smaller increase in the regional dispersion of earnings than do the other sources of data. We discuss several possible explanations for this...

The often volatile behavior of U.K. house prices between 1957 and 1994 is analyzed in an annual econometric model. Theory suggests that financial liberalization of mortgage markets in the 1980s should have led to notable shifts in house price behavior. The evidence supports the predictions of...