• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Evaluate the prospects for the property and construction markets in the East Midlandsin 2003.

Extracts from this document...

Introduction

Evaluate the prospects for the property and construction markets in the East Midlands in 2003 This report will contain the background information about the East Midlands, the current property prices in the East Midlands, current prices comparisons, trends in property prices, annual increase comparisons, annual increase in property prices, number of properties sold, average sales price and also the overall economic conditions. The East Midlands has a population of 4.2 million people, this is about 7% of the UK's total. The regions population keeps on increasing since 1981 to 3.9 million which is a rise of 7.6%. The East Midlands covers 12% of England's total land area. Roughly 80% of the East Midlands is rural. Over the years more houses, apartments have been built in the East Midlands and individuals continue buying properties whether it's for personal or investment use. The number of houses sold at the end of year 2000 approximately was 2,600 �1million in England and Wales. The current property price in the East Midlands depends on the individual house. The actually sale price very much depends on the factors such as the size of the property, or particular areas within East Midlands may be more desirable and expensive than others. Figure two As you can see in figure two, all varies on the specific property. ...read more.

Middle

Planning delays, labour shortage and limited land appears to have been the constraints for the coming year. Figure four The prices have changed intensely compared with other regions (figure five). Comparing with the neighbouring areas it's in the top three. Not even London has boosted up their prices as high as the East or West Midlands. The house price inflation rate is 25.3% reaching the highest level since the late eighties. Around 10-15% of the growth was justified by improved economic conditions - including higher employment, real disposable earnings growth and falling real mortgage rates. However, the market was boosted by around 10% by encouraging buyers to increase their demands for housing and borrow more to do so. Figure five Employment in the East Midlands or anywhere does affect the population in the region. If jobs are not available in or around the city, the region can not accept others to live their. This is why Greater London has an extremely high population rate. Figure six shows a table of economically active employment and economically inactive employment. Economically active Full-Time Workforce 1,221,476 Part-Time Workforce 331,463 Self-employed 219,947 On Gov. training schemes 23,222 Unemployed 160,852 Total economically active 1,956,960 Economically inactive Students 111,811 Permanent sick 110,166 Retired 605,869 other 370,719 Total economically inactive 1,198,565 Total population aged 16+ 3,155,525 Figure six - Economic Position of Resident Aged 16 and over in the ...read more.

Conclusion

The market will always strive to achieve what they think is best for the public. There will continuously be future of properties, whether it's for young youth, old people homes, flats, apartments, private homes etc... The market and construction sector will try to keep up to date and modernise the East Midlands. A great example of modernisation is Nottingham's 'Corner house'. This would attract other individuals from other towns and cities to view the new development and hopefully move to the region or send their sons or daughters to University in the East Midlands. This would then increase the number of population in the East Midlands and most students have part-time jobs. Also, investors make a lot of money when students come on aboard because they need somewhere to live and why not a better place then private student accommodation. The house prices will either remain at the level they are at now or they will keep on increasing slowly over the years. But for year 2003 the markets which we are in now the prices of houses still keep on rising. If the war breaks through with Iraq house price might just decrease slightly, but talks about price increase on talk shows suggested that property will increase once again this year (perhaps in middle of year 2003). It's a great year for all those who are investing this year in properties and not so go for all those first time buyers (stamp duty). Word count: 1527. Sanjeet Kaur Powar ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Economy & Economics section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Economy & Economics essays

  1. Bellway Plc is a holding company with subsidiaries; its main subsidiary company is Bellway ...

    This is corresponded in interest cover, which has fluctuated over the past five years in a re-occurring cycle of increase followed by a decrease. This is because Bellway borrowed money in one year to buy land, then paid off the debt in the next year then borrowed again, in a bid for continuous growth in operations.

  2. Case Study: The Home Depot

    Home Depot also grew much faster than its competitors. From 1997 to 2000-2002 Home Depot opened 426 stores and so grew in stores with almost 70% during those years. Lowe's for example, which is Home Depot's main competitor, opened only 178 new stores and grew in stores with 40% during those years.

  1. Causes of the Great Depression

    account for the Great Depression and must be considered in the context of other political factors. The Credit Structure Farmers, already deeply in debt, saw farm prices plummet in the late 20s; their land was already mortgaged, and crop prices were too low to allow them to pay off what they owed.

  2. The Japanese Occupation - Concept of Great East Asia Co-Prosperity Sphere

    The Dutch Governor-General and high officials would be forced to resign but others would be allowed to keep their positions. There would be a treaty, the terms of which would place Japanese military and economic advisers in strategic positions. Nationalist movements could be evoked and manipulated to suit Imperial interests.

  1. Free essay

    Do high house prices in Trafford deter key public sector workers from seeking a ...

    [8] TRAFFORD COUNCIL ENGLISH AVERAGE Violence against the person 11.7 15.0 Sexual offences 0.7 0.9 Robbery offences 2.6 1.0 Burglary dwelling offences 6.5 4.3 Theft of a motor vehicle offences 2.7 2.3 Crime statistics are per 1,000 of the population within the local authority area.

  2. The current and future prospects of Virgin

    The threat of substitutes- the presence of substitute products can lower industry attractiveness and profitability because they limit price levels. Prime contractors like manufactures, in the commercial aerospace industry face almost no threats of substitute products because of an airplane's uniqueness in speed and ability to travel over water.

  1. Critically evaluate the perceived competitive starategies of the five clothing retail outlets, namely Edgars, ...

    The tariff reduction timetable gives the non-competitive domestic producers a grace period in which to increase efficiency. Textile tariffs will be reduced over twelve years from 100% to 45% on clothing, from 50% to 25% on fabrics, from 35% to 17.5% on yarn, from 15% to 10% on fibers, and from 60% to 30% on household textiles.

  2. This report will establish the opportunities and threats presented to Sony by the EU ...

    Competition Policy Sony is a leading electronic company with 20% of their market share. So hiring specialists in different areas that need to aid them in not infringing this policy would be in their agenda because they don't want to be prosecuted 10% their annual turnover.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work