Answer :
The housing supply and demand situation in the United Kingdom has become a major economic issue, with both micro and macroeconomic factors impacting the housing market.
This paper discusses the current state of UK housing supply and demand and connects it to major economic concepts such as elasticity, price elasticity of demand, price elasticity of supply, determinants of price elasticity of supply, macroeconomics government housing policy,
four main economic goals, and general government economic policy. The UK has been experiencing a housing crisis for several years. There is a shortage of affordable housing for the growing population, resulting in increasing demand and house prices, which have become unaffordable for most people. There is also a problem with the supply of housing, as the construction of new homes has not kept pace with demand. This shortage of affordable housing has resulted in an increasing number of people renting homes rather than buying them. This trend has led to a decline in homeownership rates.
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