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Task: the student is required to account for changes in any two property markets using data and information available on the Dep - Essay Example

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CHANGES IN UK PROPERTY MARKETS Name: Tutor: Course: Date: Introduction In the UK, real estate market represents a significant portion of the nation’s economic output and people’s wealth. In 2012, the entire UK property market was valued at approximately ?…
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Task: the student is required to account for changes in any two property markets using data and information available on the Dep
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Extract of sample "Task: the student is required to account for changes in any two property markets using data and information available on the Dep"

Download file to see previous pages Ghosh (2010) agrees that the UK property market qualifies as one of the economic indicators used to gauge performance of the nation. This essay seeks to develop a comprehensive appraisal on two sample sections of the market, and ascertain the cause of dynamics experienced by stakeholders within UK’s real estate investment platform. Appraisal involves extrapolation of both economic and political forces that plays a significant role in shaping the property markets. In order to substantiate effects of these forces, we will derive rational conclusions by analyzing quantitative statistical data from government websites. Residential Housing Market In the past two decades, the UK property market has demonstrated considerable degree of volatility. This volatile trend is characterized by consistent booms in aspects of housing demand, and housing prices. Data contained within one of the government statistical website shows that demand for housing units keep fluctuating. Within the metropolitan district of Manchester, total residential units available in 1992 were 490,070. Of these available units, only 134, 470 were sold out within the same year. According to Regulated Mortgage Survey (2012), stakeholders added 102, 090 units from 1992 to 1995, out of which 95,728 of these new units were sold out. In the period from 1995-2000, Manchester metropolitan experienced a surge in new housing units, but a drop in demand for the additional units. In the five-year period, there were 503, 360 new houses and only 109, 490 were sold to new tenants. Regulated Mortgage Survey (2012) shows that between 2008 and 2011, there were 779, 910 additional units out of which 672,811 were sold out. Based on the trends above, it is evident that demand for residential houses in Manchester, which represents trends of demand in other metropolitan districts across the UK, keeps fluctuating. Sales of new units between 2008 and 2011 were huge with developers having sold out 86% of all new houses. However, 1995 to 2000 was an unprofitable period for developers having sold only 21% of the new houses developed. In 2000, supply of units was high but demand was at its all time low. However, 2011 experiences an increase in both supply and demand. Eccles, Sayce and Smith (1999) say that on the contrary, it is unusual to encounter a situation whereby demand exceeds supply within the residential homes market. However, it is common to experience a situation where property developers fail to meet expected sales for new units. Figure i Change in Housing demand from 1992-2011 Office Space Market Apart from the residential housing market in Manchester, we will evaluate trends witnessed by stakeholders within the office and commercial space markets in the UK. In England and Wales, demand for office space usually equals or exceeds supply. However, one of the most interesting trends on the office and commercial property market is housing prices. In 1992, the average price for a standardized office unit in England and Wales was ?77,360. In 1995, which is three years later, price for the same unit had slightly shifted to ?78, 300. Between 1995 and 1998, prices jumped from ?78,300 to ?94,401. The later period caused a 20% increase in prices of office units as opposed to only 1.2% change in the preceding period. In 2002, price for the same unit in subject had double to ?144,766 with respect to its price back in 1992. As by 2011, office unit space in both Wales and England were retailing at a price of ?208,197. Figure ii Housing Prices ...Download file to see next pagesRead More
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