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Why Is Britain's 10 Most Affordable Cities

682 Words3 Pages

Britain's 10 most affordable cities Introduction: Demand and supply is a basic economic concept that when applied to different markets, can help people make decisions about things, such as where to live and what the cost of living would be in that area. Connection to article: Recently, a survey has been conducted by “The Telegraph” to determine Britain’s most affordable and most expensive areas to live. These prices are a result of a change in demand and supply. Analysis of the article: Demand is described as a curve which shows the amount of a product which consumers want and can purchase at different costs during a specific period of time. Supply is also a curve which shows the different suppliers that are willing to provide a product at different prices. The equilibrium quantity and price are always determined by the intercession of the demand and supply line. Lastly, price elasticity of demand, or PED, is used to show the responsiveness of consumers to a change in the price of a product and is reflected in the slope of demand. …show more content…

From the graph we can clearly see that demand for housing in Oxford is higher. This is due to the fact that there are many employment opportunities present in that city. Along with this, Oxford is an extremely built up area, this means that spare land is very scarce, this then contributes to the high rent costs in that particular area, this then results in it being very inelastic, compared to cheaper areas such as Londonderry. Demand for housing in Londonderry is low, this is due to the fact that job opportunities are low, which means less people are able to move into this area, this then means that demand is somewhat elastic and responds to the change in rent

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