Contemporary Business Environment

Contemporary
Business Environment

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
1 Evaluation of Average changes in housing prices of UK during period of 2009-2019...........3
2 Identification of economic determinate that have lead to changes in price of housing............4
3 Various government action over period of 2009-2019 have impacted over UK housing
market..........................................................................................................................................6
4 Prediction of impact of Covid-19 on UK housing market........................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Contemporary business environment refers to highly competitive market where various
factors keep on changing such as policies of government, economic condition, social preference
and taste or technology. Business need to understand such changes in order to formulate
effective strategies for growth and success of enterprise. Covid-19 is one the uncertain events
that have impacted housing price of UK. This report is analysis of UK housing market that has
changed over period of 2009-2019. It has also discussed about economic determinate and
government action that have affected UK housing market between periods of 2009-2019. At last
the report has explained about impact of Covid -19 on UK housing market.
1 Evaluation of Average changes in housing prices of UK during period of 2009-2019
There are tremendous changes or increase in price of UK housing market despite of
economic and political uncertainty and it have been estimated that it would further rise in future.
Since nine years home prices of UK have increased approximately 38.9% that is on an average
increase from £168,703 to £243,370. Since 2010, from various nation of UK prices of housing
market have rise mostly in England that is 42.4% and London experienced largest regional
growth that is 66.3% as compared to rest of UK. It can be stated that prices of UK house have
increased by 1.1 % in every year before July 2019 thus estimated value is roughly around 216
thousands British Pound. The trend of increasing prices was not just in UK but also with several
European countries such as Ireland, Denmark, Germany and Netherland (Ramey, 2019). It is
expected that prices of housing will tend to increase more in future as due to Brexit government
will refocus on domestic issues. It have been estimated that average prices of UK housing have
been increased by 2.2% to November 2019. Since past three years, south and east of England are
facing slowdown in prices of Houses that is prices of houses have felled down by 0.7%. On the
other hand London shows increase in prices of house by 0.2%. As per November, estimated
prices of UK house is £235,000 that was much more higher than £5,000 in November 2018. It
can also be illustrated that on non seasonal prices of UK housing have increased by 0.4%
whereas in seasonal it rise to 0.6% from October 2019 to November 2019. Various changes in
house prices can be compared on basis of country such as Wales has highest growth in prices of
house that 7.8% on an average £173,000. On the other hand averages price of house in Scotland
showed increased by 3.5% since many years and after October 2019 it was only 1.7% so average
housing price is £155,000. Whereas as compared to average increased in prices of house of