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This essay will focus on the recent housing crisis in the UK after the massive outbreak of covid-19 and Brexit. This study centred on the recent housing crisis in the UK due to the economic slowdown by the covid-19 along with UK government policies such as Brexit. Different factors that are related to the housing crisis will be critically evaluated in this study that gives an idea about the present housing issues in the UK. Different factors of the housing crisis such as overcrowding and adequate housing are the main reasons behind the crisis in recent times that spread into bigger areas after Brexit and Covid-19 pandemic. Different states of the UK and its money borrowing process, public debts, and assets management process will be emphasized in this study. Along with that, the relationship between the protection of property rights and economic development and the Impact of government expenditures on economic growth will be discussed in this study.
The housing market is directly linked with the consumers' attraction and decisions regarding spending money on housing sectors. The massive impact of the Covid-19 and BREXIT influences the economic recovery of the UK after the economic slowdown. After the impact of Brexit, huge job losses have been found in the UK that has impacted housing prices. At around 14000 jobs has been lost after the exit of UK from the EU (Buyassociation.co.uk, 2022). A huge loss of employment has definitely impacted the housing crisis. However, after the impact of covid-19 and Brexit, it can be forecasted that the market housing can be increased after recovery from the economic slowdown.
Different government policies can be effective in terms of borrowing money from different states of the UK. The recovery loan scheme of the UK government has been focused on economic recovery from Brexit and Covid-19 pandemic. The states of the UK can borrow up to 2 million British pounds of finance available for small and medium business operations (Gov.UK, 2022). This type of money borrowing process and financial support has helped states of the UK to recover in terms of economic slowdown. Economic recovery can help states to start a business as well as the public can definitely invest in housing sectors.
Different public sectors of the UK have borrowed 8.8 million British pounds in 2021 (Buyassociation.co.uk, 2022). A huge amount of borrowing money helps different sectors, especially the housing sector to come out from the economic slowdown and invest in the housing sector. Investing in housing sectors helps different states and the public to attract housing sector recovery from the crisis after the massive impact of Brexit and the covid-19 pandemic.
The main objective of managing public debts and assets after the impacts of Brexit and the covid-19 pandemic is to recover from financial disruptions and economic recovery. Cost-effective funding can definitely promote stable market conditions (Elibrary.imf.org, 2022). Along with that, as the financial market of the housing sector is closely linked with economic growth, therefore disturbance in the economy massively impacts on prices of housing sector price movements. In order to reduce the risks of managing public debts and assets continuously and effectively day-to-day, tactical coordination needs to be implemented by the UK government after the massive impact of covid-19 and Brexit.
Proper monetary policy, finding a policy, and UK government Debt Management Policy have been implemented in order to properly manage public debt and assets during a covid-19 pandemic and after the impacts of Brexit (Elibrary.imf.org, 2022). In order to settle a deal, a sale of government debt into the private sector by transferring funds from the private sector to government accounts. Along with that, it is necessary to secure monetary operations as well as maintain short-term good interests that allow inventors to invest more in housing property within a short time. Proper coordination between government policies and the housing sector helps smoothly manage public debt and assets during the covid-19 pandemic and after Brexit.
In debt issues techniques UK authority programs auctions to sell large assets on the stock market, on the other hand, small assets of the market are sold in demand of the market in an official small portfolio. As the UK authority has no fixed timetable for debt auctions, therefore a broad area of market findings has been observed every financial year. After the impact of covid-19 and Brexit managing public assets has become more crucial for the UK as its economy had not been stable during those events. “Bank of England has been planning debt management and money market operations in terms of market shortage after the impact of covid-19.
Public assets such as any property of land, building, transport, health, and many others have been massively impacted. The government of the UK has been focusing more on the health and safety of the public as well as focusing on other republic assets such as property. Different government loan schemes and debt management policies have been implemented to manage the public debt and assets during the covid-19 pandemic and after the impact of Brexit (Elibrary.imf.org, 2022). By giving loans to the small and medium business operators effective on survive from economic loss along with providing loans with a lower interest rate. Low interest of loans has helped investors and business operators to invest in housing sectors of the UK and that can be effective in terms of managing public debts such as building, land property to manage property during covid-19. Along with that, this also helps in securing public assets and reduces different risks that are related to public assets in the UK after the impact of Brexit.
In terms of economic development, a b set of property rights can definitely make a b relationship between economic development and property rights (Sherwood, 2019). The fundamental concept of implementing property rights has been considered to minimize destructive competition in terms of controlling economic resources that replaced violence with peace. “Law of Property Act 1925” of the UK is one of the most beneficial property protection acts that provide information regarding transferring freehold land (Akintola and Milman, 2020). As per the opinion of Akintola and Milman (2020), according to this law, transactions between landowners and buyers have been dealt with proper documentation in terms of buying residential or commercial property that covers some special areas such as finance, lending, and social housing. On the other hand, this type of b and helpful property protection law definitely attracts buyers and provides security about their land and their property being safe in terms of transactions and legal documentation.
"Housing Act 2004 of UK" is a property-related law of the UK that indicates information regarding a house in the UK and stated its standards. Along with that, this act provides information regarding health and safety ratings that matters for a property, mandatory HMO license, and tenancy deposit protection scheme (Stewart and Lynch, 2018). According to this law, local authorities of a property need to regularly observe the conditions of the property and take the necessary action needed for that report in terms of protection (Stewart and Lynch, 2018). This law of housing can be beneficial for investors in the housing sector in order to make any decision regarding old poetry and all types of health and safety measurements have to be done under this law. Therefore, this can improve the attractiveness of investing in housing sectors as their full risks are covered by this law regarding health, safety, conditions of the property, and others. Thus, following this law in the housing sector can be beneficial in terms of getting more investors in the housing sector as well as an investor can also get all types of support from different property protection acts.
Along with that, as per the “Housing Act 1996” of the UK, local authorities of the UK can set rules for property selling and buying. Along with that, local authorities can decide in terms of the registration of property and its buying waiting lists also (Ahmed et al. 2018). “Part V of Housing Act 1985” deals with rights to buy any property after a notice have been enlisted by the local authority of the UK (Wilson and Barton, 2020). Apart from that, in order to come out from the housing crisis and issues, the UK government has been adding new housing rules to bring different changes in housing sectors and survive the economic slowdown in the housing sector of the UK after the impacts of covid-19 and Brexit. “Housing and Planning Act 2016” of the UK, has been implemented in the housing sector that can make different changes in terms of rules and regulations of housing sectors (Agyemang and Morrison, 2018). In order to make changes in buying properties, redevelopment of housing actors has been massively influenced by this housing and planning law.
After the massive effects of covid-19 and Brexit on the UK, economic recovery has become necessary for the UK economy, especially for the recovery of the housing crisis in the UK in recent times. An item of proper government expenditure can definitely boost the economy through a proper strategy of investment in different sectors (Gopalani, 2021). The crisis in the housing sector of the UK has been resolved through proper investment in this sector and different government expenditures on this sector. According to "Keynesian economics" the economy of a country cannot recover in a quick span of time, its required investments, intervention on demand of this sector (Marshall and Rochon, 2019). A different strategy has to be implemented in order to recover from the housing crisis in the UK after the effects of covid-19 and Brexit.
In recent times, UK governments have taken different steps in order to recover from the economic halt by spending mode GDP on to economic redevelopment of the country's growth. Around 52% of the GDP of the UK has been declared to spend in the year 2020 which is considered an all-time high for the UK government (Tradingeconomics.com, 2022). As the housing sector serves the GDP of the UK by around 15-18%, therefore an economic slowdown in this sector has hugely impacted the economy and this has reached its peak due to the exit from the EU and covid-19 pandemic (Nahb.org, 2022). Different government policies and loan proving schemes have been implemented for the housing sector that attracts investors as well as agencies to take loans at low interest. This can help the sector to recover from the economic halt due to covid-19 and Brexit. Economic growth has recovered as the government of the UK focuses more on health and safety concerns and is spending more GDP on these sectors by more than 50% in recent times (Tradingeconomics.com, 2022). More investment in health factors improves the efficiency of business operations that helps in the economic growth of the UK after the massive impact of covid-19 and Brexit.
From the above discussion, it can be concluded that the Covid-19 pandemic and Brexit have had a great impact on the economy of the UK, especially on the housing sector. The economic slowdown of the UK economy and lower investments in the housing sector has been created a crisis in this sector in the UK. It can be concluded that the UK has faced a critical crisis in the housing sector and this needs to be mitigated as soon as possible for the economic survival of this sector serves 15-18% of the total GDP of the UK. However, different schemes of the UK government have been applied to recover from this and they can be beneficial in terms of recovery for the housing sector in the present situation. The main issues faced by the UK housing market are high prices of houses and rents during the pandemic and after the Brexit situation. Therefore, it creates a slowdown for this actor due to fewer earnings of people and huge effects on health care services due to covid-19.
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