THE MANY FACES OF PROPERTY MARKET CYCLES

The property market cycle has many players who influence its stability both directly and indirectly. Many studies have been carried out to define the structure and operation of property markets. This paper aims to analyse property market operation and to assess to what extent it has succeeded in meeting the objectives of built environment economics. Starting with a summary of the current state of property market, the findings of the paper suggests ways to overcome obstacles within the current property market in which different facts of the property market might be adapted for use in the near future. In particular it describes how it is possible to define value factors in a more flexible way taking account of the particular characteristics of property market cycles in the UK.