Frognal Way in Hampsted (so exclusive it doesn’t appear on Google street view) is in 10th place in the UK’s most expensive streets league table. Top spot belongs to Kensington Palace Gardens where the average abode will set you back the small matter of £42,591,972. But why are house prices so high? Or, more importantly, why are house prices so high in some parts of the UK, predominantly London, and so low in other parts of the country (last month someone bought a house in Grimsby for £8,000, the same amount of money I paid for my car)?
There are many different reasons, some of those are linked to the market forces of demand and supply, and others related to government intervention. Those getting ready to embark on the new A level or IBDP economics courses are expected to write a short commentary on the UK housing market over the summer break. The Guardian article (link enclosed) is the sort of article that should be used as a source – although using this particular article would lack a degree of originality.
Feel free to ask questions regarding the summer work by using the comments section of this post.