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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:

Asking prices for UK homes surge in February as demand rises

  • 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

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