This revised and reset fifth edition generally follows the structure of the previous edition, although some of the material of the earlier chapters has been rearranged, in addition to being extended and updated. A new feature of this edition is the allocation of a complete chapter to examining the problems of urban decline and renewal. Here the economic and social problems are discussed within the framework of current issues in urban policy, local government and planning. There are also extended sections on the economics of the development process and rehabilitation, an extended review of global environmental problems and their implications for the built environment, a review of long-term trends in the construction industry, an appraisal of cyclical factors and updated statistical and legislative material. The study should appeal as a basic textbook for undergraduate students of estate management, land economics, building surveying and quantity surveying. It is also suitable for students taking degree or equivalent courses in urban economics, urban geography or town planning and it should be relevant to those preparing for RICS and RTPI examinations.