This book is a comprehensive analysis of property investment and the market's determination of commercial property values and investment performance. The author examines the economic forces that operate in the property market by placing property in the context of the overall investment market and the local, national and international economies. Relevant concepts and principles of economics, investment and finance are identified; these are then used to explain the operation of the property market and property price determination. The text begins with a study of the stock market, identifying the principles and forces which explain the price determination of stocks and shares. These principles are then applied to commercial property investments and a simple theory is developed. The three major sectors of the property market (letting, development and investment) are then analysed in depth, and the pricing theory is reviewed. After an examination of the influence of government intervention, the subject is synthesised by detailed studies of three of the most turbulent periods in the history of the post Second World War property market in the UK. In this second edition, both the text and illustrative examples have been updated. The theory of the market's determination of rental values and yields have been substantially revised and developed. A new chapter, discussing the 1980s property boom and the 1990s collapse, has been added.
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Table of ContentsPreface.- Introduction.- Debt and Equity: Risks and Returns.- Marketable Securities and the Stock Market.- Analysis of Stock Market.- Securities Gilt-edged.- Securities: Prices and Yields.- Ordinary Shares: Prices and Yields.- The Investment Yield.- Spectrum Modern Theories of Investment.- Pricing Trends in Share Prices.- Property Investments and the Property Market.- Property's Yield and a Pricing Model.- Property's Risk and the Level of Yields.- The Spectrum of Property Yields.- The Concept of Rent as a Surplus Rental Value: A Demand and Supply Analysis.- Rental Value and the Sub-Market Site.- Values and Development Activity.- An Introduction to Development Finance.- Equity Sharing and Partnership Schemes.- The Property Companies.- The Financial Institutions.- International Property Investment.- Property Pricing: A Reappraisal Aspects of Government.- Intervention in the Property Market.- The Early Post-War Boom and its Aftermath.- The 1970s Cycle.- The Thatcher Cycle.- Questions for Discussion.- Glossary.- References.- Further Reading.- Index.