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PO4508: HOUSING ECONOMICS (2017-2018)

Last modified: 25 May 2018 11:16

Course Overview

Housing is a necessity and of interest to economists, policymakers, and investors alike. In this course, students will gain an understanding of the micro and macro-economic dimensions of housing markets. The course will also discuss the many different ways in which governments intervene in housing markets, such as land use regulation, rental law, and social housing support. The positive and normative aspects of these interventions will be discussed. The course has a comparative perspective throughout and discusses housing markets, regulation, and outcomes at hand of the UK, the US and Germany.

Course Details

Study Type Undergraduate Level 4
Session Second Sub Session Credit Points 30 credits (15 ECTS credits)
Campus None. Sustained Study No
  • Dr Rainer Schulz

Qualification Prerequisites

  • Programme Level 4

What courses & programmes must have been taken before this course?

  • One of EC2002 Microeconomics 2 (Passed) or EC2003 Intermediate Microeconomics (Passed) or PO2006 Land and Property Economics (Passed) or PO2008 Land and Property Economics (Passed) or PO2009 Land and Property Economics (Passed)
  • Any Undergraduate Programme (Studied)

What other courses must be taken with this course?


What courses cannot be taken with this course?


Are there a limited number of places available?


Course Description

The course starts with a benchmark model for the housing market, where actors have complete information and perfect foresight. The model is used to examine the interaction between user, asset, and development market in a frictionless setting. After that, the strong assumptions are relaxed, leading to the examination of search in the housing market, the discussion of submarkets, and an analysis of the decision on tenure choice and mortgage financing. This is followed by a discussion of government intervention in housing markets: rent controls, land use regulation, differential taxation of tenure models and assets, provision of social housing. The welfare implications of such interventions are discussed. The course finishes with an examination of housing and the macroeconomy.

Degree Programmes for which this Course is Prescribed

  • MA Accountancy-Real Estate
  • MA Business Management-Real Estate
  • MA Finance-Real Estate
  • MA Real Estate

Contact Teaching Time

45 hours

This is the total time spent in lectures, tutorials and other class teaching.

Teaching Breakdown


1 two-hour written examination (60%) and two pieces of in-course assessment (20% each) consisting of a 1,500 word essay each.

Formative Assessment

This will take place through tutorial discussions.


Students will receive individual written feedback on their written coursework.

They will also receive verbal feedback in the course of tutorial discussions.

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