The Housing Market

A Survey

The Housing Market: A Survey

This is a detailed study of housing market supply, demand, and prices. It covers the main sub-markets, sub-market trends, and household preferences and buying behaviour.

Good quality research and analysis in this area is increasingly important as housing costs and investment rise and developments in the housing market impinge more on the general economy.

The focus of the book is on the British market. However, many of the findings apply to the housing markets of other industrial countries. Such issues as the costs and quality of residential properties and the macro-economic implications of fluctuations in house prices and mortgage interest rates are of public concern around the world.

Contents

1. The Housing Market: An Overview

Outline and summary of the main contents of the study*

2. The Supply of Housing

Introduction* Economics of housing supply* The production of houses* Housebuilding land* The supply of rented homes* Low-cost housing* New sources of investment finance*

3. The Owner-Occupied Housing Market and House Prices

Introduction and overview* Economics of the owner-occupied housing market* The demand for owner-occupation* House prices, incomes, and interest rates* House purchasing as an investment* The demand for and prices of individual houses*

4. The Rented Homes Market

Introduction* The main rental sub-markets and types of tenant* Regional variations* Factors affecting the marketability, demand for, and rents of individual properties* The economics of renting and letting*

5. Government Policy and Legislative Influences

Introduction and overview* Policies and legislation relating to rented housing* Urbanization control, development planning, and political-economic protectionism in the housing market* Taxation, owner-occupation, and mortgage borrowing* Monetary policy and interest rates*

6. Geographical Differences in the Housing Market and House Prices

Local-regional differences in prices* Differences in patterns of housing tenure, mobility, and turnover* Population densities, immigration, and rates of new household formation* Household characteristics* Economic growth rates, employment, and incomes* Forecasts*

7. Housing Sub-Markets and Demand Trends

The main housing sub-markets* Trends in demand* Regional sub-markets in the UK* The retirement housing market*

8. The Demand for and Marketability of Individual Properties

Key influencing factors* Price and value for money considerations* The financial costs/benefits of house purchasing* Positive locational factors (geographical environmental features, convenience and access, economic growth, employment, and incomes, prosperity, neighbourhood prestige, and housing demand, local government and taxes, local amenities)* Sizes and types of properties – and changing household expectations and requirements regarding* Facilities, fixtures, and fittings* Home-working demands* Heating, lighting, and energy consumption* Shared facilities and services* Safety and security features* Recreation and leisure requirements* Housebuilding materials and methods and marketing* Quality control and assurance* Housing design and aesthetic appeal* The demand for very old, period, and period-style reproduction houses* Designing and marketing attractive modern houses* House interiors and house settings*