REMF28-Housing Economics

Module Provider: Real Estate and Planning
Number of credits: 20 [10 ECTS credits]
Terms in which taught: Spring term module
Non-modular pre-requisites:
Modules excluded:
Module version for: 2016/7

Module Convenor: Dr Anupam Nanda


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.

Assessable learning outcomes:
The module will provide students with an awareness of the economic principles that underpin residential property markets. 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;
-Model housing through the use of hedonic models;
-Understand the role and importance of Housing Finance.

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 and Hedonic Models
-Housing Market Cycles and Market Models
-Housing and the Macro-Economy
-Land Supply and Housing Development
-Housing Finance and the Mortgage Market
-Tenure Choice
-Housing Brokerage
-Rent Control and Regulation

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 4
Tutorials 16
Guided independent study 160
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:

Penalties for late submission on this module are in accordance with the University policy. Please refer to page 5 of the Postgraduate Guide to Assessment for further information:
Penalties for late submission on this module are in accordance with the University policy. Please refer to page 5 of the Postgraduate Guide to Assessment for further information:

Length of examination:
Three hours.

Requirements for a pass:
The pass-mark for this modules is 50%.

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):
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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