Housing Flashcards
(19 cards)
Mortgage
A loan that is used to purchase a houseb
Stamp duty
A type of tax that is paid by the purchaser of a house
Landlord
The name given to someone who owns a poverty and then rents it out to someone else
A type of mortgage in which the interest rate is set does not change
Fixed rate mortgage
The tax charged on the profit earned when an asset is sold
Capital gains tax
A house cost in 1930 and 2020
£590
£291,000
Equity withdrawal
Withdrawing a portion of a homes value
Credit crunch
A situation where it becomes difficult or expensive for businesses and consumers to borrow money
Repossessions
Bank taking house off people and selling for auction
Is the house rental market separate from or part of a broadly defined housing market
Because the property has a value that will increase over time its apart of housing markets
What is meant by excess demand
When price is lower than equilibrium price
Property bubble
As significant increase in the value of housing usually caused by strong demand often speculative reason
APR
The annual percentage rate as the total amount of interest paid annually on the total amount
Mortgage offers today
5.5%
Labour target
1.5 million houses
Demand for land 
Type of quality of soil
Environmental aspects
Accessibility
The price of land and its current use
Supply of land
Total area and Scotland is 78,780 kmsq
1983 Conservative government mortgages
Terms were not allowed to build new rental stock
Deregulation and financial markets
Self certification mortgages
Explain why the housing market being reasins to a potential barrier to labour mobility
large variation in house prices across the UK can lead to affordability issues discouraging low-income workers that live outside the area from applying for jobs (1).
Current increase in interest rates is making housing less affordable
• where assistance is available to workers for housing it may be inadequate so people are unable to accept jobs/promotion
• lack of construction (for rental or buying) creates lack of supply so people are unable to move to areas with job vacancies
• short-term letting (eg Airbnb) creates more income for owners which discourages them from long-term renting
