The volume of money invested in the UK has increased dramatically in the last ten years; over the same period the property market has seen equally radical changes. Increasing concern has been expressed at the inadequacy of existing techniques for the valuation and appraisal of property investment. There is little doubt that new methods are needed. The authors examine the theoretical basis and underlying assumptions of the various property models currently in use. They highlight some of the problems inherent in the current methodology, and identify possible ways forward for both research and practice.
