This report presents the results of an econometric modelling project, concerned with regional housing affordability, conducted for the ODPM between November 2004 and April 2005. The key outputs of the project are not just this report, but the model itself, the details of which are set out in the accompanying Technical Appendix, available via the ODPM website: www.odpm.gov.uk/housing. The team for the project was large, including fifteen individuals from nine organisations. The project was directed from the University of Reading. In addition to the team, the work was improved by help from an advisory group and a user group, consisting of members drawn from both central government and from the wider academic and policy communities