The Housing Market in the UK - Research Paper Example
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In other words, I am analyzing how the dependent variable is affected by the independent variable. My investigation is in B9. In my study, a dependent variable is a number of the bedroom while the independent variable is the price.
The data that I use in this report are first-hand data that I collected in the field. I visited over 100 houses of different types located in different places in the UK. My study covered different places in the UK. These include west London, hull city, North London and Westham Though I didn’t find the prices of some houses, I was able to find them on the agents websites. The agents post the photographs and information about the houses on their websites for the potential buyers from different places to see them. I also visited the agent’s offices to find out some information which was not available on the internet. I obtain questionnaires to obtain information from all the respondents that I met.
New homes have become more popular in the present age than ever. Developers have made efforts to create new homes that boast fabulous designs, energy saving and with excellent building qualities. Thousands of houses are now on sale by these new homeowners in the UK. A study has hence been carried out to obtain the general view of the housing market focusing on the housing prices, type and size of the house for sale.
The collected data is analyzed using different SPSS. The statistical aspects that the analysis looks into include mean, median, skewness, price kurtosis, variance and standard deviation of the collected information.
The report “The Housing Market in the UK” gives a detailed statistical description of different types of houses that are sold in the UK. There four types of houses that one can buy in the UK. These are flat, terraced, detached and semi-detached…
There seems to be a general consensus among economists that house prices is one but an important variable in determining the direction that the national growth takes within a given economy at a given point in time. Like other goods and services in the market, the housing market is susceptible to the effects of demand and supply side factors, which may be quantitative and qualitative in nature.
For example in the UK, the base rate (repo rate) is set by the Monetary Policy Committee and the Bank of England while in the United States; the Federal Reserve sets the same Interest rates are set up after looking into several macroeconomic perspectives that affects the economy of a country.
The ever increasing population and the desire for individuals to access decent housing has made the search, for properties more intense and even the current recession hasn’t stopped this. Australia like other nations has a more or less the same situation.
The author of the paper entitled "Recent developments in the UK housing market" touches upon the fact the UK economy had to face recession in the last two years which had an impact on reducing the UK house prices. It should be noted that highest growth in house prices which were significantly higher than the average UK housing prices were observed in London area.
According to the paper the United Kingdom housing market is highly fragmented and involves heavy investment in form of individual household and properties for rental purposes. The housing market is very crucial for the UK economy and consists of high, medium and low income residential, shopping and industrial complex.
Consequently, British households will benefit by a slight global warming. Because there are limited European studies conducted in this topic, comparisons are hard to find. Therefore, the results from this study can not be confirmed with certainty, or refused completely.
The housing market in the UK continues to be dramatically supported by that of historically low interest rates, low rates of house building, steady income growth, and of course, positive demographics; as well, "In our modeling, even very large (by recent standards) macroeconomic shocks fail to create a significant downturn in the market." (Cameron et al, 2006).
This is due to a number of factors that has resulted from faulty requirements that have been set forth for developers of affordable housing by the government. It is in this regard that it is deemed appropriate to elucidate all these factors in the current paper.
Financial institutions like banks have tightened the screws as they have strengthened norms for giving loans to the loan seekers. Earlier banks were ready to give loans without seeking many evidences about the financial capabilities of the loan seeker. Now banks
This research will begin with the statement that there are more than two million people in the United Kingdom who struggle to pay their mortgages and rent. This, in turn, affects the chances of payment. Many homeowners are having their houses recuperated; this is because the homeowners are not able to keep up and pay their mortgages reimbursements.
4 pages (1000 words)Essay
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