Economics class: Asking prices for UK homes surge in February as demand rises
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Demand, supply, housing and the housing market, standard of living, interest rates, inflation
Click to read the article below and then answer the questions:
What is meant by demand?
What is meant by supply?
Draw the demand and supply diagram for the housing market
Tim Bannister, Rightmove’s director of property data, cited “high demand and a shortage of available stock”. Draw a diagram to support this statement
What is the cost of living crisis?
Evaluate the impact of rising interest rates on mortgages, mortgage rates and standards of living
Evaluate the economic effects of rising asking prices. You may wish to think about: income inequality, the distribution of income, poverty levels, living standards, wage growth, inflation, the view of the homeowner and the view of the homebuyer
Noaf Al-Diraa, Alperton Community School