Economics class: UK house prices rise at the fastest pace since 2006
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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:
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