REMF53-Housing Markets and Policy

Module Provider: Real Estate and Planning
Number of credits: 20 [10 ECTS credits]
Level:7
Terms in which taught: Spring term module
Pre-requisites:
Non-modular pre-requisites:
Co-requisites:
Modules excluded:
Current from: 2021/2

Module Convenor: Mr Chris Foye
Email: chris.foye@henley.reading.ac.uk

Type of module:

Summary module description:

This 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 use economic theory and empirical tools 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. 

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.

Upon completion of the module, students should be able to: 

• apply economic and financial theory to housing market analysis; 


• recognise the demand and supply drivers of dynamic housing markets; 
< br />
• appreciate the role of socio-demographic factors and the consumer experience in housing; 


• understand the importance of housing development and supply and the role of the planning process; 


• analyse the relationships between the housing market and national, regional and local economies; 


• analyse the choice of tenure by households and the functioning of rental and ownership markets; 


• understand the role and importance of Housing Finance; 


• identify policy issues and different means of dealing with them and to assess the outcomes of policy interventions 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; 


• 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 students’ quantitative and qualitative analytical skills.

Outline content:

• Housing Attributes 


• Demand-Supply Pricing 


• Housing as an asset class 


• Housing for low income households/affordable housing 


• Migration and housing Mortgage; Housing Finance 


• Modelling housing market dynamics 


• Regional model; neighbourhood/local housing 


• Private Rented Sector 


• Retirement housing 


• Housing regulations; brokerage 

Global context:

Discussion on international housing markets where feasible

Brief description of teaching and learning methods:

The module will comprise of a combination of lectures.

Contact hours:

	Autumn	Spring	Summer
Lectures		20	2
Guided independent study:
Wider reading (independent)		118
Wider reading (directed)			60
Total hours by term	0	138	62
Total hours for module	200

Summative Assessment Methods:

Method	Percentage
Written exam	100

Summative assessment- Examinations:

One final examination; Three-hour exam as scheduled by the University in the summer term. 

Summative assessment- Coursework and in-class tests:

Formative assessment methods:

Penalties for late submission:

The below information applies to students on taught programmes except those on Postgraduate Flexible programmes. Penalties for late submission, and the associated procedures, which apply to Postgraduate Flexible programmes are specified in the policy “Penalties for late submission for Postgraduate Flexible programmes”, which can be found here: http://www.reading.ac.uk/web/files/qualitysupport/penaltiesforlatesubmissionPGflexible.pdf
The Support Centres will apply the following penalties for work submitted late:

• where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that 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.

Assessment requirements for a pass:

The pass mark for the module 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):

Last updated: 22 July 2021