The Importance of Housing in The UK Economy
Housing plays a vital role in the country’s economic as well as social success.
(Source: istockphoto.com)
The relationship between housing and the economy is an important yet a complex one (CIH.org, 2017).
Housing affects the overall economy in many ways such as:
1. In the performance of the whole economy such as growth, inflation, and unemployment.
(Source: istockphoto.com)
2. The contribution of investment in housing to overall economic activity
3. When housing becomes a form of asset
4. The relationship between housing and labour market flexibility
5. The cost of housing market failures, and
6. The effect of housing affordability on the overall competitiveness of the economy. (CIH.org, 2017)
The solution to the recent economic and housing market uncertainty is to boost the supply of housing by building new homes and getting the right mix of homes and tenures to suit a local area’s economic and social needs.
(Source: istockphoto.com)
By increasing the supply of housing, it will aid in:
1. Recovering the economy in terms of job creation and making a significant contribution to economic output
2. Minimizing excessive house price growth in the long-term
3. Enhancing labour markets in the UK
7. Address the alarming chronic shortage of homes (CIH.org, 2017)
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