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The Housing Market The housing market is possibly one of the most important markets in which we as everyday consumers take part in simply because housing is a necessity and also probably the largest consumption good that is purchased The majority of the average persons income would probably go towards either rent or a mortgage This is true also in terms of business expenses It has been argued that decent housing has external knock on effects on society in that those provided with a better living environment are more productive healthier and better educated individuals and this in turn leads to increased economic growth The Principal Housing Markets The housing market can be broken down into three interconnected markets Owner Occupation Social Housing Private Renting Owner Occupation This is the most common form of housing in the UK As mentioned previously house buying is for the majority of people the largest purchase made Mortgages are obtained in order for consumers to afford properties these basically being loans from a bank building society or other financial institution On the whole lenders are prepared to agree to a mortgage equal to four times the salary of the consumer ie for someone earning 30000 pa a mortgage could be obtained for up to 120000 As with all loans the lender would want to see evidence of financial stability on the part of the consumer and various property surveys and valuations would take place the equivalent of seeing a business plan or cash flow forecast when seeking loans for a new business Social Housing Social housing defines housing that is owned by either the local council or housing associations eg council estates Since housing has been linked to the well being of society in the health education and motivation of individuals the government is given an incentive to intervene when housing standards are not up to scratch The early 1900s saw the first
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