Gulfs in property wealth have grown up between the old and the young; the rich and the average; the mortgage-free (a third of households) and the indebted; and between London and most of the regions. And some very serious underlying risks are lurking below the seemingly calm surface.” Ruth Sunderland, 2013 The persistent rise in housing prices in the UK has become one of the most critical issues faced by the country, particularly affecting those belonging to the low-income households. Research indicates that the house prices in the country have more than doubled over the past decade and have gone from 'already high' to even higher. Such situation is unique to, not only UK, but perhaps to the entire developed world since housing price explosions and fluctuations to such extent have rarely been experienced elsewhere. The British house price bubble has exceeded the highly notorious Spanish price bubble, thus indicating the gravity of the issue. In response to the constantly rising house prices, the other related prices such as rent and mortgage prices have also risen simultaneously over the years (Catty, 2010). The constantly increasing house prices in the UK have led to widespread concerns regarding its likely impact on the economy in the long run. It is estimated that in response to such phenomenon, the housing and mortgage market is likely to suffer serious negative consequences. It is estimated by some that the impact of rising housing prices on the economy will result in the country being pushed towards re-experiencing the boom-bust phenomenon of the 1980s and 1990s whereby the sharp rise in housing prices had resulted in a recessionary British economy (Richardson, 2011; Hallett, 1993). This study on ‘Rising prices in the UK’ aims to explain the UK housing market - including an in-depth / comprehensive overview as well as a detailed explanation of the contemporary market and economy, and seek to understand the factors behind the exorbitant price rise as well as the implications of the same. This essay includes an overview of the recent trends and the factors causing price-rise in the UK housing market, the recent evidence regarding housing and mortgage market behaviour in the UK. It also includes relevant case studies to explain the phenomenon and the implications and consequences on the country’s economy. 1.1. Thesis Statement: UK housing market has experienced high volatility over the past couple of decades causing a domino effect, significantly affecting renting, availability of housing, poverty, employment, as well as social structures in the process. The study of factors causing such volatility with the help of an extensive literature review and a case study is likely to help in policy recommendations and stabilizing the market in the long run. 1.2. Research Questions: The following research questions will be addressed and answered through case study: What are the key drivers of housing of housing prices in the UK and how can they be addressed through policy implementation? What is the impact of lack of housing supply on housing market in the UK? How has the housing market and price volatility affected housing reforms? In what manner have the current trends in the UK housing market helped or hindered the policy reforms? 1.3. Research Objectives: To examine the various factors causing volatility in the housing market To understand the implications of such volatility on the economy To assess the changing trends in the UK
Rise in house prices in the UK: A case study approach Content: Ch. # Topic Pg. # 1. Introduction 2 1.1. Thesis statement 3 1.2. Research Questions 3 1.3. Research Objectives 4 2. Literature Review 4 2.1. UK Market: Comprehensive Overview 4 2.2. Contemporary UK Housing Market 10 2.3…
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