About the authors -- Foreword -- Summary and overview: the problem; the source of the problem; the empirical model -- The insights: introduction; background to the study; intuitive introduction to the model -- Theoretical model: short run equilibrium; long run equilibrium -- Empirical model: data; results; results for "The North" for 1994q4 to 2008q2 -- Conclusions -- References

Presents the results of research into new ways of using the data from the RICS Housing Market Survey, which has been published since 1978. This report looks at ways of combining data from the RICS Housing Market Survey on stocks of unsold properties with house price indices produced by the Nationwide. The aim was to assess the possibility of creating a new house price model which would incorporate the effect of changing demand firstly on observed prices and then on equilibrium prices for housing.