Home > Economics of Property and Construction (ECO5EPC)
Question: Economics of Property and Construction (ECO5EPC)
Learning outcomes
Code Description
LO1 Demonstrate knowledge and critical understanding of the economic principles relating
to property demand, supply and price; property and building cycles; urban issues and
problems; regional location decisions; and land use;
LO2 Identify the impact of government intervention in the property and construction sector
using cogent economic reasoning;
LO3 Interpret economic data and demonstrate the ability to apply appropriate models and
techniques effectively;
LO4 Analyse and evaluate critically the appropriateness of different approaches to investment appraisal in development decisions;
LO5 Communicate information, arguments and analysis to specialists and non-specialists effectively, presenting cogently argued written work based upon economic principles
Scenario
You are a member of a small specialised economics consultancy, ECO5 Ltd. Most of your clients
are in the construction and property sectors in the built environment in your country. The client bases are interested in the economic rationale behind market trends.
Your company produces a quarterly newsletter, to which employees are expected to contribute with
essays on topical issues. Your manager has asked you to write and submit an essay with the title:
You may base the essay on the housing market in any country with which you are familiar, or on the
the housing market in a region of the country.
Answer: An analysis of the structure of, and recent trends in, the UK housing market
Definition of Housing Market
Buying and selling property is one of the priciest transaction’s adults take on, it is also highly regulated. With many moving parts that form this key economic marketplace.
The housing market can be defined as the supply and demand for houses. A key part of this is the average house prices and trends. (Pettinge, n.d.)
There are many features of the housing market; [Image - House Prices]
The equilibrium marketplace value is determined by where the quantity required matches the quantity supplied. The UK property market has a greater demand for housing over the existing supply which has been the main factor driving prices over the last 10 years. However, these increased prices cannot be sustained. Through changes in supply, demand and government intervention there wi...(short extract)
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- Subject: Construction Practice
- Course: Economics of Property and Construction (ECO5EPC)
- Level: Degree
- Year: 2nd/3rd
- Mark: Not available
- Words: 3145
- Date submitted: December 03, 2020
- Date written: March, 2020
- References: Yes
- Document type: Essay*
- Essay ID: 8881
