Use demand and supply analysis to consider the current conditions in one of the following markets:
(2) UK real estate market
Further guidance and elaboration: For your chosen area comment on what is currently happening in the market and why. How can this be explained using the demand and supply framework? Describe and explain what has happened in the recent past and what is likely to happen in the near future in terms of the demand and supply factors which are at work in this market. Show these clearly on one or more demand and supply diagrams i.e. by indicating shifts in demand or supply curves and the impact these will have on price and quantity. You may also want to comment on short to medium term effects and long-term effects.