Your task is to use your knowledge of microeconomics to establish the facts and analyse London’s housing market. Evaluate the economic functioning of the housing market in London, including demand and supply, incentives, elasticity on demand and supply and any signs of price bubble. Explain possible options for policy intervention to correct market failure and make recommendations to policy makers.
Overall your report will be approximately 2,500 words long, covering all of the following points but in a coherent, academic report. Do not answer the questions in the style of an examination. Exceeding the word limit by more than 10% may result in a penalty of up to 10% of your mark.
Please make extensive use of academic literature (peer reviewed academic journal articles – not just textbooks, newspaper articles or news sites online), government reports and business reports in finding potential sources and determinants of demand and supply, and their elasticities, in the housing market. Only coursework that extensively uses and critically discusses academic literature to support their analysis will score 60% and higher. For data, use appropriate sources, including data bases (Bloomberg), government and business reports. In case you wish to refer to news and events, use highly reliable news services such as the Financial Times. Do not use internet sources of uncertain or questionable origin.
Analyse demand and supply functions and how they may influence decision making of various groups.
Identify the role of the financial system and central banks in the functioning of economies.
You have been asked to produce a report. It should contain the following:
Title Page, including the given title in full.
Main body, which should also be organised under appropriate headings.
Appendices, which should be numbered.
Make sure you refer your reader to them as required.
Your work should be word processed in accordance with the following:
Font style, Arial, font size 12
1.5 line spacing.
The page orientation should be ‘portrait’
Margins on both sides of the page should be no less than 2.5 cm
Pages should be numbered
Your name [should/should not – delete as required] appear on the script.
Your student number should be included on every page
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