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  • Demand and supply, Price elasticity of demand, Price elasticity of supply, income elasticity of demand, cross price elasticity of demand

Click to read the article below and then answer the questions:

UK house prices rise at the fastest pace since 2006

  • Identify the demand-side and supply-side factors which have contributed to UK house prices growing at the fastest pace in 15 years

  • Using a demand and supply diagram, analyse the effects of these demand and supply-side factors on the housing market

  • With reference to chart 1, UK house prices surged during the pandemic, calculate the percentage change from 2011 to 2021

  • Identify the stamp duty rates for England and Northern Ireland

  • Chart 2 illustrates that the house price-to-earnings ratio has increased to its highest level since records began in 1983. Discuss the implications for first time buyers

Gavin Clarke, Emmanuel College

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