Exam (elaborations)
OCR A Level Economics May-June 2024 Question Paper 1 (H460-01)
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OCR A Level Economics May-June 2024 Question Paper 1 (H460-01)
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, 2
Section A
Read the stimulus material and answer all the parts of Question 1.
Is the UK housing market in crisis?
Between August 2020 and August 2021, average house prices in the UK rose from £239 000
to £280 825. 2021 was a record year for house sales in the UK. Very high demand continued,
with many in the market saying that there is considerable shortage in supply. This prompted
predictions that prices would continue to rise as they had since the start of 2020. (see Fig. 1).
Fig. 1
UK average house and rental price index
Price (Feb 2015 = 100) Key: House prices
Rental prices
140
135
130
125
120
115
110
105
100
Feb Aug Feb Aug Feb Aug Feb Aug Feb Aug Feb Aug Feb Aug
2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021
Partly due to competitive supply, trends in the market for houses also affected those wanting to 5
rent properties. Record demand in 2021 for rental properties outside of London forced average
rental prices up by 4.2%. At the same time, average rents in London fell by 7.8% in a year.
Converting empty shops into homes has been proposed as one way to increase the supply of
housing and tackle the shortage of housing in the UK. A change to legislation in 2021 means
that planning permission is no longer required to convert commercial buildings, such as shops, 10
restaurants and gyms, into homes. However, critics highlight research which suggests that 89%
of commercial buildings in the London Borough of Barnet could be lost due to the new legislation.
© OCR 2024
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