Property Investments and the Property Market

In order to understand the behaviour of property prices and yields under changing economic conditions, it is important to understand the nature and characteristics of the ‘goods’ being traded. The term ‘property’ throughout this book refers to land and buildings; what in England would be defined as ‘real’ property, as distinct from ‘chattels’, and in Scotland as ‘heritable’ as opposed to ‘moveable’ property. However, the ‘goods’ traded in the property market are not physical units of land and buildings, but legal rights over land and buildings.