Fri. Jan 21st, 2022

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  • Demand and supply, Price elasticity of demand, Price elasticity of supply, revenue elasticity of demand, cross-price elasticity of demand

Click to read the article below and then answer the questions:

UK house prices rise at the fastest pace since 2006

  • Identify the supply and demand side factors that have contributed to UK house prices growing at the fastest pace in 15 years

  • Use a supply and demand diagram and analyze the effect of these supply and demand side factors on the housing market

  • Referring to Chart 1, UK house prices rose during the pandemic, calculating the percentage change from 2011 to 2021

  • Identify the stamp duty rates for England and Northern Ireland

  • Graph 2 illustrates that the house-to-earnings ratio has increased to its highest level since records began in 1983. Discuss the implications for first-time buyers

Gavin Clarke, Emmanuel College

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