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Economic Report on Housing Sector in Scotland Essay Example

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Economic Report on Housing Sector in Scotland

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Economic Report on Housing Sector in Scotland. Major Factors Affecting Demand, Supply and Price of Housing Units. A look at the housing market in Scotland over the last decade (2000-2010) indicates that there have been some major factors affecting the demand and supply for housing units over the stated period. Generally, it has been seen that demand for housing units has been spearheaded by the changing demographics in the cities, the economic climate, and rates of interest and inflation. The opportunities for employment and living conditions impact upon the rate of migration of people to the major cities, and the number and types of housing units demanded are also dependant on the age and lifestyle requirements, marital status and gender of the new entrants.

Ethnicity has also been taking on more importance as the migrants tend to call their own families to the cities or even close friends and neighbors who undoubtedly belong to the same ethnic population. The types of employment available for a particular group of people and their ages and rates of pay will also contribute to a housing decision- should they live together or apart and in how many households. On the supply side, the housing stock- meaning the number and types of units available in a particular quarter- does not change overnight. Supply of units will, therefore, be affected by booking of housing loans from banks, rate and number of expressions of interest in new housing schemes and so forth. It will typically take one or two quarters for changes in supply to reflect changes in demand (Scottish Government Analytical Services, 2010). The number of dwellings available for use at any time is also impacted by the housing inspections for suitability as they want to make sure that proper living and sanitary standards are available for prospective buyers or tenants. As far as the pricing factor for housing units is concerned, it is worthwhile to note that there is a primary market for new housing units and a secondary market for used or lived-in housing units. Economic Report on Housing Sector in Scotland.

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preview essay on Economic Report on Housing Sector in Scotland
  • Pages: 13 (3250 words)
  • Document Type: Essay
  • Subject: Unsorted
  • Level: Undergraduate
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