The Housing Market.

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Presentation transcript:

The Housing Market

Housing Tenure Owner-occupied Rented: from local authorities 2002: 69.6% Rented: from local authorities 2002: 13.8% Rented: from housing associations 2002: 6.7% Rented: from private landlords 2002: 9.9%

The price of houses is the wrong price to look at Demand for housing Price of owner-occupied housing -Theory:▲ price of houses > ▼ demand for houses -Reality: ▲ price of houses > ▲ demand for houses Why? The price of houses is the wrong price to look at

DEMAND FOR HOUSES RISES AND FALLS WITH THE LEVEL OF THE BASE RATE NB not all houses are bought with a mortgage

2. Real income ▲ real incomes > ▲ demand for houses Slow down/fall in the rise of real incomes will lead to a fall in house prices Especially an increase in owner-occupied housing

3. Population trends ▲ population > ▲ demand for houses ▲ number of households > ▲ demand for houses Why? Longer life expectancy Increased divorce rates Single parent families Younger people move out of home after school

4. Other factors… Speculation the belief that house prices will continue rising Legal changes Right to buy (1980) Assured tenancy agreements (1988)

Supply of housing 1. Owner-occupied New builds & 2nd hand market Theory:▲price of houses>▲supply of houses Costs (land, labour, materials): ▲ costs of houses > ▼supply of houses Government Regulation: Green Belt/Planning permission Sale of council houses

Not determined by market forces 2. Renting: from local authorities Not determined by market forces Government grants to local authorities (1950/60/70s) Legislation: Right to buy, sale of council houses Abolishment of funding for new council houses to be built

3. Renting: from Housing Associations Government grants (1980/90s)

4. Renting: from private landlords Low rental price Legislation: Assured tenancy agreements