Demand and Supply in action - The housing market
Saturday, October 31, 2009
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The housing market has seen six consecutive months of price increases suggesting an upturn. We have also seen the first annual percentage price rise, 2% on the previous year.
So is the housing market back on its feet again or could we see problems again next year? This article shows demand and supply in a real world setting.
Question
“The other explanation is that prices have been driven up by a shortage of properties for sale, leading to an imbalance between demand and supply”
Using a demand and supply diagram explain how a shortage of properties has increased prices. (6)
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