RE3HMP-Housing Markets and Policy

Module Provider: Real Estate and Planning
Number of credits: 20 [10 ECTS credits]
Level:6
Terms in which taught: Spring term module
Pre-requisites:
Non-modular pre-requisites:
Co-requisites:
Modules excluded:
Module version for: 2017/8

Module Convenor: Dr Anupam Nanda

Email: a.nanda@reading.ac.uk

Summary module description:

The module will provide students with an awareness of the economic principles that underpin residential property markets and relevant government policies. Students will be able to assess the impact of different policy interventions in the housing market.


Aims:

The module aims to provide students with the tools to assess housing problems and policies.  The module will us the theory and practice of housing economics to study housing markets 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.  The module will examine the justifications for and the basis of state involvement in the housing market and describe and evaluate the main policy mechanisms used such as regulation of private renting or the provision of social housing.


Assessable learning outcomes:

The module will provide students with an awareness of the economic principles that underpin residential property markets and be able to assess the impact of different policy interventions. By the completion of the course students will be able to:



- Apply economic and financial theory to housing market analysis;

- Recognize the demand and supply drivers of dynamic housing markets;

- Appreciate the role of socio-demographic factors in the housing market;

- Understand the importance of housing development and supply and the role of the planning process;

- Have an understanding of the importance of housing in a macro-economic context;

- Analyse the relationship between the housing market and the national, regional and local economies;

- Analyse the choice of tenure by households and the functioning of rental and owner markets;

- Understand the role and importance of Housing Finance.



-Understand the consumer experience in housing, including the meaning of home, neighbourhood and community, the concept of housing quality and tenure rights and obligations.

- Be able to identify policy issues and different means of dealing with them and to assess the outcomes of policy interventions.

- Understand the main policies and procedures for the management of social housing.

An ability to analyse a housing policy issue using a variety of data sources and to make recommendations for future policy and practice. 


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.



The module will aid students in developing a thorough understanding of the primary factors influencing the behaviour of housing markets and their broader economic and social importance. The module will also enhance student’s quantitative and qualitative analytical skills.


Outline content:

- The Attributes of Housing Markets

- Housing Demand and Supply Drivers, Price Determination

- Housing and the Macro-Economy

- Land Supply and Housing Development

- Housing Finance and the Mortgage Market

- Tenure Choice

-The State and Housing Markets; constructing a housing market and market institutions

- Housing pathways

- Housing tenures ; rights and obligations

- House and home

- Housing quality, housing and health

- Inequality and segregation; mixed communities

- Housing renewal; slums and shanty towns

- Low income housing – different forms of intervention and their impact

- Managing social housing

- Housing strategies and plans

- Assessing housing needs



 


Brief description of teaching and learning methods:

The module will comprise of lectures and tutorials sessions. In addition students are required to undertake a major individual written project in housing economics. 


Contact hours:
  Autumn Spring Summer
Lectures 20
Seminars 10
Guided independent study 170
       
Total hours by term 200.00
       
Total hours for module 200.00

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:

    Three hour examination


    Requirements for a pass:

    The pass-mark for this module is 40%. 


    Reassessment arrangements:

    Reassessment will be by the same method as for the module’s original assessment requirements, subject to variation by the Examination Board where appropriate.


    Additional Costs (specified where applicable):

    Last updated: 31 March 2017

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