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Whatever measure of affordability is used house prices and rents play a central role and Chapter 3 is concerned with what causes these two variables to change over time and vary across different parts of the country. Although increases in house prices have been particularly strong in the UK by international standards, other countries are also discussed. In fact, house price trends and volatility can be explained by a fairly small number of variables – and their influence has been remarkably consistent over the last fifty years. The problem has been rather that house prices are very sensitive to changes in incomes, interest rates and credit conditions and these vary greatly over time. Therefore, modest changes in macroeconomic conditions have disproportionate effects on housing. UK empirical work on market rents is less well-developed than for house prices, but the chapter considers the reasons why rents appear to have risen at a slower rate than house prices.

Chapter 14 highlights the key themes of the book and their implications for policy. Although there is considerable agreement among economists with regard to the range of required policy reforms - including changes to land use planning, taxation, social housing provision, rents and subsidies, and to financial markets - there are external constraints, both political and economic, that impose limitations on even the most positive reforming governments. But the absence of positive policy change in the UK would imply that the worsening affordability and volatility that have often typified housing markets are likely to continue. The book shows the need to extend housing policy beyond a concentration on expanding supply and points to the need for a more balanced approach that incorporates policies addressing demand as well as the supply sides of housing. Given the policy constraints, the chapter also points to possible new directions.

Chapter 2 investigates the significance of the property market in medieval Cambridge. It considers how far the property market at this time anticipated the urban property markets of today. Detailed information on the Cambridge property market is provided in the Hundred Rolls. A unique feature of the Rolls, compared to other sources such as rentals, is that they record all the rents paid on a property and not just the rent paid to one particular lord, such as the king or local lay lord. The rolls show that many properties paid multiple rents. With full information on each of these rents it possible to analyse separately the total rent paid and the various components of this rent going to individual lords. Chapter 2 introduces the statistical methods required to address these issues and reports the results obtained by applying them.

In 1850, St John’s was elevated to the status of cathedral. The plan for St John’s was as a missionary church and the bishops were missionary bishops. They were expected to spread the Gospel in China while the chaplains remained at home to minister to the congregation. St John’s was governed by the chaplain and trustees. The chaplain’s roles included ministering to a parish and mediating between the trustees. Disputes about memorials, seating plans, organs and furnishings have persisted throughout the years and St John’s suffered financial problems. Pew rent provided some funds, but the extension of the Cathedral required another injection of government funds in 1860s. The extension was completed towards the end of 1872. During this period, Lo Sam Yuen was made a deacon; he was the first Chinese to be ordained.