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Economic Report on Housing Sector in Scotland Essay Example

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Economic Report on Housing Sector in Scotland

Economic Report on Housing Sector in Scotland. Major Factors Affecting Demand, Supply and Price of Housing Units. A look at the housing market in Scotland over the last decade (2000-2010) indicates that there have been some major factors affecting the demand and supply for housing units over the stated period. Generally, it has been seen that demand for housing units has been spearheaded by the changing demographics in the cities, the economic climate, and rates of interest and inflation. The opportunities for employment and living conditions impact upon the rate of migration of people to the major cities, and the number and types of housing units demanded are also dependant on the age and lifestyle requirements, marital status and gender of the new entrants.

Ethnicity has also been taking on more importance as the migrants tend to call their own families to the cities or even close friends and neighbors who undoubtedly belong to the same ethnic population. The types of employment available for a particular group of people and their ages and rates of pay will also contribute to a housing decision- should they live together or apart and in how many households. On the supply side, the housing stock- meaning the number and types of units available in a particular quarter- does not change overnight. Supply of units will, therefore, be affected by booking of housing loans from banks, rate and number of expressions of interest in new housing schemes and so forth. It will typically take one or two quarters for changes in supply to reflect changes in demand (Scottish Government Analytical Services, 2010). The number of dwellings available for use at any time is also impacted by the housing inspections for suitability as they want to make sure that proper living and sanitary standards are available for prospective buyers or tenants. As far as the pricing factor for housing units is concerned, it is worthwhile to note that there is a primary market for new housing units and a secondary market for used or lived-in housing units. Economic Report on Housing Sector in Scotland.

References

Bramley, G., Munro, M. and Pawson, H. (2004). Key Issues in Housing. Palgrave Macmillan: Basingstoke. Chapters 2-4.

Burgess, L. (2010). The Scottish Housing Market – Update June. SPICE Scottish Parliament: Edinburgh.

Centre for Housing Market Analysis Scottish Government website: http://www.scotland.gov.uk/Topics/Built-Environment/Housing/supply-demand/chma>

Centre for Housing Market Analysis (2010). Scottish Housing Market Review September. http://www.scotland.gov.uk/Topics/Built-Environment/Housing/supply-demand/chma

Le Grand, J.; Propper, C. and Smith, S. (2008). Economics of Social Problems. Palgrave Macmillan. Ch 1 and 5.

O’Sullivan, A.; Young, G.; Brittain, A.; Dowie, A.; Gibb, K.; Maclennan, D. and McLaren, J. (2004). Local Housing Systems Analysis: Good Practice Guide. Communities Scotland: Edinburgh.

Pawson, H. & Wilcox, S. (2010). ‘UK Housing Review: 2010 Briefing Paper’. Coventry: CIH.

Scottish Government Communities Analytical Services (2010). Analysis of the Scottish Housing Bubble? <http://www.scotland.gov.uk/Topics/Built-Environment/Housing/supply-demand/chma> Accessed 17 Mar 2011.

Scottish Government Communities Analytical Services (2010). Rationale for Housing Policy. <http://www.scotland.gov.uk/Topics/Built-Environment/Housing/supply-demand/chma>

Accessed 17 Mar 2011.

Scottish Government (2007). Scottish Housing Market Review. <http://www.scotland.gov.uk/ Publications/2007/06/20154930/0> Accessed 17 Mar 2011.

Scottish Government (2010). Fresh Thinking New Ideas. Scottish Government: Edinburgh.

Website of the Nationwide Building Society <http://www.nationwide.co.uk/hpi/> Accessed 17 Mar 2011.

Website of the Registers of Scotland http://www.ros.gov.uk/>. Accessed 17 Mar 2011.

Website of the Council of Mortgage Lenders <http://www.cml.org.uk/cml/media/press/1854>

Website of the NHBC. <http://www.nhbc.co.uk/NewsandComment/UKnewhouse-buildingstatistics/ > Accessed 17 Mar 2011.

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preview essay on Economic Report on Housing Sector in Scotland
  • Pages: 13 (3250 words)
  • Document Type: Essay
  • Subject: Unsorted
  • Level: Undergraduate
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