Topic: As UK house prices continue to rise there were many concerns about potential shortage for

first time buyers

Task:

- discuss the key factors impacting on the supply and demand of housing in the UK in the last few years

leading into 2024. Better to use (2020-2024)

- to research what happened in practical terms and link this to economic theories

- to include clear and detailed supply and demand diagrams and explain them (9 diagrams)

1) A basic supply and demand equilibrium

2) Supply shifting to the right

3) Supply to the left

4) Demand to the right

5) Demand to the left

Diagrams showing elasticity (elastic and inelastic), for both supply and demand need to be

drawn.

6) Elastic demand

7) Inelastic demand

8) Elastic supply

9) Inelastic supply

PLEASE USE RELEVANT INFORMATION (2020-2024) AND PLEASE INDICATE WHERE INFORMATION WERE FOUND (WITH LINKS)

THANK YOU!

Supply and demand D S price p quantity q\fPrice S P1 P D Q1 Q QuantityS 16 17 D 60 80S Price P P1 D D1 Q1 Q QuantityPrice Elastic demand 80 65 Demand 50 110 QuantityPrice S Inelastic demand 14 - Change in price leads +40 % to a smaller percentage change in demand. 10 Demand 72 80 Quantity 10%Price Inelastic supply Price Elastic supply f f S S 106 106 80 80 60 64 Quantity 60 100 QuantityPrice 40 30 15 16 Quantity