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:
Current from: 2019/0

Module Convenor: Prof Anupam Nanda

Email: a.nanda@reading.ac.uk

Type of module:

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.

This module is delivered at the University of Reading only. 


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 will provide them with the ability to assess the impact of different policy interventions. Upon completion of the module, students will be able to: 

• Apply economic and financial theory to housing market analysis; 

• Recognise the demand and supply drivers of dynamic housing markets; 

• 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 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 ownership markets; 

• Understand the role and importance of Housing Finance; 

• Identify policy issues and different means of dealing with them, 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. 



 


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 Renting 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-three hour examination


Summative assessment- Coursework and in-class tests:

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.


Assessment 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: 8 April 2019

THE INFORMATION CONTAINED IN THIS MODULE DESCRIPTION DOES NOT FORM ANY PART OF A STUDENT'S CONTRACT.

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