Capitalised in the Housing Market or How we Pay for Free Schools: The Impact of Supply Constraints and Uncertainty Paul Cheshire London School of Economics and Stephen Sheppard Williams College 1 st August 2003 Correspondence: Cheshire Sheppard Department of Geography & Environment Department of Economics London School of Economics Fernald House Houghton St Williams College London WC2A 2AE Williamstown, MA 01267 p.cheshire@lse.ac.uk stephen.c.sheppard@williams.edu