REAL ESTATE INVESTMENT: CAPITAL INVESTMENT PRIORITISATION IN THE UK Available to Purchase

In order to fully appreciate the issues within this paper, a definitive framework is necessary so as to ensure clear semantic interpretation. Estate refers to property, possessions, capital or the collective assets and liabilities of a person and refers to large landed property. Investment is the giving up of a capital sum now in exchange for benefits to be received in the future. These will usually take the form of an income flow and/or capital gain (Enever, 1989). Real property is by definition essentially tangible. It is a legal interest in land and buildings classified as residential, commercial and including land (Littlefair, 1991).