The Bank of England announces a 0.5 percentage point increase in base rates and accompanies this with commentary that this is likely to be the first of a number of increases. What is this likely to do to the 'Market demand' curve, and what effect would this have on the equilibrium quantity and equilibrium price? There are a number of non-price factors which might impact the supply of housing. One of these is the cost of labour. Referring to Figure 1, above, explain how a fall in the cost of bricklayers, joiners and other housing tradespeople impacts on the equilibrium quantity of houses bought and their price