菲丽洁,安东尼·格里兹曼,02kk
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The Buyer side;
This is situation where demand for the properties is weak/low and there is excess of properties are available in the market, then the balance of the power shifted to the buyer side. As they will get more n more option of choice to buy or invest in housing properties which is available in the market and then once buyer would have more option of course they negotiate the price of the houses down before they buy it.
The second situation says that when because of inflows of the people in the particular area, or rising income, or increasing employment rate of the country would result in increase in demand for the houses as they invest their disposable income into properties by buying a house.
Often the housing market is inelastic as because of the time gapping in between the making new properties available (increase in supply) or increase in the price of the properties or rather homeowner decide to buy their house to be sold on the market which makes housing market inelastic.
And if demand is increasing and supply is being inelastic the result would be, rise in prices of the houses in market and a relatively the amount of the houses will be traded which is very small growth for the industries. So supply becomes more elastic over time, assuming the condition of the demand remain unchanged, we expect to see downward pressure on prices and a further increase in the equilibrium quantity of houses bought and sold.
影响英国房地产市场需求的因素-Factors that affect the Demand of Housing market in the UK.
Change in Market demand and supply is very sensitive for the market of owner-occupied housing. There are several factors which often explain inequalities in housing price inflation between and within the major areas of United Kingdom.
These are the several factors given below which shows the demand condition for housing which influence both the readiness and the ability of the people to make house purchase.
Some of the most important conditions of aggregate demand are listed below,
Rise in real income of the house hold - owner occupied houses is like normal good for the people of any country and rise in the income of the house hold would increase the market of housing. As house hold disposable income increases of course they would invest in housing market rather investing in anywhere else which causes' shifting of demand curve in result of market goes up.
Confidence of the consumers - When we talk about housing, we shouldn't forget about confidence of the consumer which play a major role on customer mood where to purchase a house or not. And how confidence comes, it depends on future expectation of the people so rising expectation of the people regarding performance of the economy whether rising/declining would have an significant effect on the housing market.
Ex. - Let's say People expectation of the UK have kind of negative expectation about UKs future economy, So on that situation people wouldn't want to invest money on any long term investment rather they will look for either short term or they will save it.
On other hand, if expectation of the people regarding performance of the economy in future is good then people would cut their saving and invest in long term housing investment or buying a house.
As we can see above the two opposite condition shows that how confidant of the people have an enormous effect on the housing market of the country. If the confidence is good it would cause demand curve to be shifted to the right side it means housing market is expanding. And if confidant is not good then Demand curve should sift to the left side which means housing market declines.
Employment - As in any country if ratio of the employment is high it forces people to think to invest in long term investment through an mortgage lender would increase housing market whereas if employment rate is low like poor countries such as Africa or if any country going under recessionary period causing loss of the job which declines employment ratio. in this situation no people of the country would invest in housing market causes shifting of demand curve to the left side because financing a house purchase involves making a long-term commitment through a mortgage lender.
Above mentioned three Points which is Income, Employment and Confidant are the main determinant that directs the price of the houses in any particular market place. Housing market goes up only when these three factors rise and when these three factors are showing grows down that means housing market is declining. However other economic variables also come into play.
Pricing movement expectation - If you see housing as a long term investment or consumer durable that gives a flow of services to the owner of the properties over a long periods of time by expecting that the prices would go up in future? It does not matter how you see all the way it would be beneficiary from both the view to the owner of the properties. That's the reason why housing market was booming in 1980s because of strong speculative demand of the houses/properties.
Further explaining if people are seeing that demand of the houses would be higher in future which force them to acquire a house by buying them and save it to next 3-5 year to sell it. Which affect housing market to go up or down means demand curve would be shifted either right or left side.
Changes in Government policies about housing taxes and subsidies - Change in Government policies which affect the housing sector enormously in different ways start from benefits for council taxpayers on low incomes to the payment of stamp duty on the most expensive properties.
As Government changes with an advantage of tax reduction and lowering stamps duties would encourage Buyer of the properties to buy a house or invest into it. Or in other hand, if government increases the tax and stamps duties instead, it would make housing demand to go down which means demand curve should move to the left side showing declined in the market.
Throughout most of the 1980s and 1990s the government offered home buyers an explicit subsidy in the shape of mortgage interest relief at source or MIRAS. Chancellor Brown decided to phase this subsidy out of the system - MIRAS has now disappeared. The effect has been to dampen down housing demand, but do little substantial to stop house prices rising.
Accept these are the main factor which mentioned above there are some other factor also which help housing market' demand to go up and down and those are as mentioned below;
Semi-detached and Detached properties.
Is Properties is new or Second hand?
How many bedrooms are there on the house?
Home improvement.
The Location of the houses. (Is the property is situated in central London or 3rd zone somewhere?)
政府政策如何影响房地产行业-How government policy affects the housing industries
Change in Government policies which affect the housing sector enormously in different ways start from benefits for council taxpayers on low incomes to the payment of stamp duty on the most expensive properties.
As Government changes with an advantage of tax reduction and lowering stamps duties would encourage Buyer of the properties to buy a house or invest into it. Or in other hand, if government increases the tax and stamps duties instead, it would make housing demand to go down which means demand curve should move to the left side showing declined in the market.
Throughout most of the 1980s and 1990s the government offered home buyers an explicit subsidy in the shape of mortgage interest relief at source or MIRAS. Chancellor Brown decided to phase this subsidy out of the system - MIRAS has now disappeared. The effect has been to dampen down housing demand, but do little substantial to stop house prices rising.
结论-Conclusion;
As we have seen that how housing market goes up and down, which are the factor which determines the prices of the houses and what are the causes which forces demand or supply curve to be shifted either on right or left side and we have focused on government policy that how does it affect on the housing market of the UK. And it seems according to showing graph on the pages above that housing prices would still go up in the market, where government policy definitely will play a major roll on it, the fiscal policy, the monetary policy, tax, subsidies plan and inflation brings by the government decides to go up or bringing down the housing market of the UK.
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