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Housing Market in the UK - Essay Example

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There is truly no doubt that the housing market in the UK has slowed considerably, especially since that of recent years in particular; however nonetheless, the fact still remains that prices are almost double their level at the turn of the millennium, and thus, in regards to this, we are some incredibly past their 1989 peak relative to incomes…
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Housing Market in the UK
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Housing Market in the UK

Download file to see previous pages... There are many issues in regards to the UK housing market that must be taken seriously into consideration when trying to understand the matter as a whole, and so in this paper we will be discussing all of these, as well as any and all other matters that are in relation to this and that prove as being some form of important substance in regards to this issue in general. There are certain issues in particular for example, such as the causes of the housing demand, and the current government's proposals in regards to solving the problem of housing demand, for instance; these are two incredibly critical matters that tie closely in relation to the issue of the housing market in the UK, which is why they will be thoroughly explained and discussed here. In order to truly be able to understand and acknowledge a matter such as this, there is an incredible need for all parts in relation to it in general to be taken just as seriously into consideration as the actual subject itself. This is what will be dissertated in the following.
There are truly so many different issues that must be taken into consideration in regards to the UK housing market however one of the most important and thus one which should indefinitely come first is that of the matter of the shortfall of the housing supply in the UK, and one of the main explanations for this has to deal with the matter of the high immigration rates into the UK; in more basic terms, there are constantly new and more people that are moving to the UK, and the supply is falling short of the demand, which thus overall is causing quite a catastrophe of sorts. In fact, in order to be more specific, "The recently revealed inflexibility of housing supply and a major increase in the immigration projection point to even greater pressures on the housing market, especially for first time buyers who will still face higher prices." (Housing Report, 2006).
In order to clear things up even further, it should be known that various different independent reports have been published, for example there was one by H M Treasury, which examined the reasons for the incredible under supply of housing in the UK, and as well, it even suggested that in regards to this issue there needs to be a building of approximately or at least 39,000 houses per year in order to make up for this, and this is "even without allowing for the replacement of the existing housing stock. It found that there was a weak response of housing supply to changes in demand. It continued 'higher demand therefore tends to be translated into higher house prices rather than increased output of houses." (Housing Report, 2006).
The Centre for Housing Policy at the University of York (CHP) was established in 1990 with the support of the Joseph Rowntree Foundation. The Centre was designed to become a leader in policy relevant research and has since established itself as one of the leading centres of housing and social policy research in the UK. CHP policy research is supported through competitive tender, including work for the national governments of the UK, local government, Registered Social Landlords and a wide range of voluntary sector and charitable organisations. CHP also undertakes in-depth policy related ...Download file to see next pagesRead More
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