Housing prices in the UK are generally very high, particularly in certain areas of the country such as the South East. T

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Housing prices in the UK are generally very high, particularlyin certain areas of the country such as the South East. This makesit difficult for many people to be able to afford to buy their ownhouses. In England, average houses prices are now almost 8 timesthe average worker’s salary; in parts of the West Midlands, thehigh prices have been caused by demand growing faster than supply.Source: (Gillespie: 2019) Figure 9.9 below shows how marketconditions have changed in the housing market. Figure 9.9 marketconditions and house prices

Housing Prices In The Uk Are Generally Very High Particularly In Certain Areas Of The Country Such As The South East T 1 (111.48 KiB) Viewed 12 times

Equilibrium has moved from P1Q1 to P2Q2. The most likelyexplanation for the changes shown is a
A. Fall in mortgage interest rates and an increase in the numberof houses built
B. Fall in mortgage interest rates and a decrease in the numberof houses built
C. Rise in mortgage interest rates and an increase in the numberof houses built
D. Rises in mortgage interest rates and a decrease in the numberof houses built.
HOUSE PRICES P2 P1 ō D₁ Q2 S1 D2 52 Q/ month