Residential developer behaviour in land price determination

This paper examines residential developer behaviour in the determination of land prices during the late 1980s and 1990s. Drawing upon a representative survey of volume residential developers in England, it is argued that expectations of future trends in housing demand and constrained land supply policies have combined to inflate the price developers are prepared to pay for land, in order to retain a presence in particular housing markets. Empirical observations suggest that the consequences of such actions have led to destabilizing effects upon land price movements, developer profitability and upon the composition of the wider industry, notably delaying market recovery.

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