The volatility of the housing market is confronted and explained in this exploration of real estate’s ever-growing prices. Though widely recognized by the government, the media, developers, and homeowners, the market’s instability is not generally understood. In addition to offering an explanation for the state of the market, the author proposes a model of tax reform that would allow land prices, and therefore housing prices, to fall back to affordable levels while avoiding a slump in the economy.

"For anyone seeking to understand the vagaries of the housing market, this is a fascinating read."  —Sunday Telegraph

"There are some fascinating insights into cycles, property and rents."  —John Calverley, chief economist, American Express Bank

"The essence of its argument is that the majority of current property prices reflect land value rather than building costs."  —Professional Investor   

"Harrison's book is a formidable challenge to the apologists of the status quo."  —American Journal of Economics and Sociology

"Fascinating insights into cycles, property and rents."  —Institute of Economic Affairs

"[Harrison] does make a case for the existence of an 18-year business cycle, which he links to speculation in the property market."  —Financial Times

"As the frantic property market of last spring slumps into its current nervous state with falling prices, is it by chance that this crystal ball-gazing—so far—seems to be uncannily accurate, or does Harrison really know something we don't?"  —The Mail on Sunday

Fred Harrison is the executive director for the Land Research Trust in London. He left a career in investigative journalism to work as an economic consultant and has recently turned his attention to the failure of economic analysis and public policies in market economies.