Note: [1] Michael Fleming is Reader in Economics in the Department of Economics, Loughborough University of Technology, Loughborough, Leics. LE11 3TU, U.K. He was educated at Oxford University and from 1963–71 was a member of the staff at Queen's University of Belfast. His major works include Housing in Northern Ireland: Reviews of UK Statistical Sources, Vol. III, Book 6, Heinemann Educational Books, 1974, and Construction and the Related Professions, Pergamon Press Limited, 1980 (both commissioned by the Royal Statistical Society and the Social Science Research Council).
Note: [2] Joseph Nellis is a lecturer in Economics in the School of Management at Cranfield Institute of Technology, Cranfie1d, Bedfordshire, MK43 OAL, U.K. He studied at the Universities of Ulster and Warwick. He was formerly Midland Band Research Fellow at Loughborough University and a lecturer in Economics, University of Keele. In addition to his work on house prices, he has published several articles on international financial integration with particular reference to UK membership of the European Monetary System.
Abstract: The hedonic approach to price measurement is described and applied to a newly-developed data base relating to house sales In the United Kingdom. This data base is exceptionally large and provides information on a wide range of house characteristics not available hitherto. A monthly index of prices covering all (both new and non-new) houses is derived for the period from January 1983. Indices for sub-groups of houses and buyers are presented. The housing market background in the United Kingdom is outlined and the problems of measurement and the results are appraised.
