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

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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.

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