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.
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