RE3HMA-Housing Market Analysis

Module Provider: Real Estate and Planning
Number of credits: 10 [5 ECTS credits]
Level:6
Terms in which taught: Spring / Summer term module
Pre-requisites:
Non-modular pre-requisites:
Co-requisites:
Modules excluded:
Module version for: 2016/7

Module Convenor: Dr Anupam Nanda

Email: a.nanda@reading.ac.uk

Summary module description:
The theory and practice of housing economics and finance will be surveyed from international, national and sub-national perspectives. Housing markets will be studied in a dynamic context, with emphasis placed on demand-side and supply-side drivers. The role of finance in the housing market will be explored as will the impact of regulation. The roles of market search, estate agents, developers and financial institutions will be considered from an economic perspective and the links between the housing market, the macro-economy and business cycles will be investigated. The merits and demerits of the various methodologies to derive house price indices will be analysed. Empirical analysis will be undertaken in appropriate sections.

Aims:
-To provide an integrated understanding of housing markets, so that rigorous independent analysis of them can be undertaken.
-To equip students with the tools needed to examine residential property as an asset class.
-To provide students with the analytic framework to understand wide impacts of housing sector in the economy.

Assessable learning outcomes:
By the end of the module it is expected that the student will be able:
-To apply economic and financial theory to housing market analysis.
-To recognize the demand and supply drivers of dynamic housing markets.
-To understand the institutional framework of real estate provision.
-To critically examine the linkages between housing and financial markets.
-To analyse the relationship between the housing market and the national, regional and local economies.
-To analyse the choice of tenure by the households and functioning of rental and owner markets.

Additional outcomes:
By the end of the module it is expected that the student will be able:
-To undertake an evidence-based approach for analysing public policy issues.
-To demonstrate research and learning skills e.g. literature search and review, case study exercises, familiarity with web-based research material and sources.

Outline content:
-Housing: Attributes, Implications
-Recent Trends/Data Description: International, National, Sub-national
-Housing Demand and Supply, Drivers
-Price Determination: User Cost, Hedonic Model, Indices
-Topics in Housing:
a.Housing market cycles and volatility
b.Housing market models
c.Housing and Macro Economy
d.Housebuilding Industry
e.Land Supply, Regulation and Affordability
f.Housing and Local Public Finance: Neighbourhood, School Quality
g.Housing Tenure Choice: Owning, Intermediate, Renting
h.Housing Search Models: Brokerage Industry
i.Rent control and regulation
j.Comparative housing systems: differences in housing markets and their performance
k.Housing Finance System and Recent Financial Crisis

Brief description of teaching and learning methods:
The module will be delivered through a two-hour lecture/seminar session each week. Use will be made of Blackboard and external web-based material, web-based reports, e-journal articles and Internet sites with case study material

Contact hours:
  Autumn Spring Summer
Lectures 16 2
Practicals classes and workshops 4
Guided independent study 53 25
       
Total hours by term 73.00 27.00
       
Total hours for module 100.00

Summative Assessment Methods:
Method Percentage
Written exam 100

Other information on summative assessment:

Formative assessment methods:

Penalties for late submission:
The Module Convenor will apply the following penalties for work submitted late, in accordance with the University policy.

  • where the piece of work is submitted up to one calendar week after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for the piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;
  • where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

  • The University policy statement on penalties for late submission can be found at: http://www.reading.ac.uk/web/FILES/qualitysupport/penaltiesforlatesubmission.pdf
    You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

    Length of examination:
    One two-hour examination.

    Requirements for a pass:
    A mark of at least 40%.

    Reassessment arrangements:
    One two-hour examination paper in August/September following finals.

    Additional Costs (specified where applicable):
    1) Required text books:
    2) Specialist equipment or materials:
    3) Specialist clothing, footwear or headgear:
    4) Printing and binding:
    5) Computers and devices with a particular specification:
    6) Travel, accommodation and subsistence:

    Last updated: 21 December 2016

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