UK HOUSING

UK Housing

Introduction

The origins of housing law dates back to the concerns over poor sanitation in the early nineteenth century and the cholera epidemins produced by it. With the increasing in Britain's population, there is also an increase in the number of people coming in from abroad. These people want a safe and secure place to live in which is why they choose UK. Indian and Pakistani communities have been formed in the UK, as there is a migration history of these communities. People from these two countries settle in UK for a better lifestyle and future. Proper housing facilities are very essential to ensure peace in the society and maintain a healthy environment. Early legal interventions were concerned with public health but the focus was gradually shifted on the quality and fitness of accommodation. Conversely, these features of housing have social effects. Thus housing may be seen both as a social construct and as socially causative (Englund, 2002, 167-200).

Discussion

Housing - Demand and Supply

Demand conditions are projected to strengthen considerably in the construction materials market in 2012 and 2013, stemming from the projected strong resurgence in the value of total housing construction (10.8% and 14.5% respectively), and the recovery in the value of nonresidential building construction (7.8% and 24.5% respectively).This stronger activity in the downstream construction markets will underpin demand for the wholesaling of flat glass products, fencing materials and gypsum products. The stronger housing demand is also expected to underpin solid demand for manufactured housing, particularly enhanced by the flow through of more attractive funding arrangements, though rising interest rates on mortgages do pose a threat to the industry over the next five years.

This stronger activity in the downstream construction markets will underpin demand for the wholesaling of flat glass products, fencing materials and gypsum products. The stronger housing demand is also expected to underpin solid demand for manufactured housing, particularly enhanced by the flow through of more attractive funding arrangements, though rising interest rates on mortgages do pose a threat to the industry over the next five years

A dramatic increase in demand created the housing bubble, as banks and other institutions lowered lending standards in an attempt to boost revenue (Muellbauer, 1997, 1701-1727). Banks increased lending activity by diversifying risk through secondary market transactions, including the packaging and sale of mortgage-backed securities (MBSs) and other collateralized debt obligations. Since 2007, the industry has been devastated by the housing market's collapse. Many individuals struggled to maintain loan payments and many homes went into foreclosure. As delinquencies rose and home values dropped; the ability of banks and other institutions to lend money drastically declined. As this decline happened, credit markets tightened and the economy fell into a recession (Bramley, 2005, 2213-2244).

Because the UK economy depends heavily on debt, the tightening of the credit markets caused the recession. Real estate is no different; developers rely on debt to finance their land purchases and housing developments. As the economy started to decline and disposable income dropped along with employment, the ability of ...