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Answer :
The UK housing market is constantly changing. The government has established several policies and strategies to maintain a balance between demand and supply. The increase in housing supply is necessary to ensure affordability and accessibility of housing for everyone in the UK.
The UK housing market has undergone significant changes in the past few years. The government has made many efforts to stabilize the market and increase the supply of housing to address the issue of affordability.
The UK housing supply and demand situation can be linked to several key economic concepts such as elasticity, price elasticity of demand, price elasticity of supply, and the determinants of price elasticity of supply.
The government has established various policies and strategies to regulate the housing market. It also has four main economic goals: economic growth, low inflation, low unemployment, and a balance of payments equilibrium. The government’s general economic policies are also directed towards the same goals.
To increase the supply of housing, the UK government can introduce several policy implications such as land-use reform, increase the number of new homes built annually, increase public investment in affordable housing, reduce tax incentives for housing, and increase the availability of financing.
Finally, the circular flow of income relating to the UK housing market is the interaction between households, businesses, and the government, which is a continuous process.
The diagram of the circular flow of income relating to the UK housing market is shown below: (The diagram shows the movement of income from households to businesses through the sale of goods and services, and from businesses to households in the form of wages and salaries.
The government also plays a role in the flow of income through taxation and public spending).
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