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This paper offers an interpretation of how housing markets work which complements more traditional economic approaches. Building on a wider movement within cultural economy and economic sociology, it considers how (housing) markets are variously performed in the power-filled negotiations of buyers, sellers and market professionals. This is part of a larger undertaking, but here the focus is particularly on the role of legal, financial and information intermediaries in shaping local cultures of property exchange. This is a social rather than economic analysis of housing markets; it is a qualitative rather than a quantitative study. It is designed to shed light on how markets are made, though it might, in the end, change the way they are modelled.
Smith et al. (2006) studied this question.