Dissertation Proposal: London Housing Market Renovation and Sales

This dissertation proposal investigates the challenges within the London housing market, focusing on the issues surrounding private renovation and property sales in the context of the increasing trend of rental properties. It provides a background on the social housing sector and the impact of events like the 2008 housing crisis and Brexit. The rationale highlights the structural problems in the London housing market, including supply and demand imbalances, which have led to increased private renovation issues and a shift towards renting. The proposal outlines the aim, objectives, and research questions, followed by a literature review that examines issues in private renovation and sales, reasons affecting property sales, and current trends in the housing sector impacting the rise of rental properties. The methodology section details the research design, type, approach, philosophy, data collection methods, and analysis techniques, including a timeline for completing the research. The research aims to provide solutions to mitigate the negative effects and decrease the trend of let properties in London, assisting economists and authorities in the housing sector.

DISSERTATION PROPOSAL

Topic: “To investigate the issues with private renovation and sale of the property in context of
increase in let properties: A Study on London housing market”
BACKGROUND
The social housing sector is undergoing significant changes as it faces number of new
challenges. With facing housing crisis back in 2008 and the recent change in EU reform as
Brexit the housing market in London in on the verge of vulnerability and the traditional practices
in the housing sectors are changing with a faster pace. In the present research project the issues
faced in private renovation and sale of property is presented with what is effecting the trend of
increasing rental property in London. The study will be conducted by following the qualitative
research design to determine issues and recent trends in the housing sector of London in effective
manner.
RATIONALE
With burst of the hosing bubble in 2008 and Brexit the London housing market is
experiencing a serious structure problem as the supply and demand chain is also damaged in UK.
As demand ins getting lesser and supply is high. This crested the problem of increases in the
private renovation of the property and issues in Selling of the property, also people are more
inclined towards renting out the housing rather than building or constructing one of their own.
The renting out is become a huge norm due to lesser deposits as well as rise in the prices of the
houses in London. The research project is carried out to determine all the factors behind the
issues in Housing sectors of London and recommending effective solutions so that this problem
can be overcomes and cope up with reasonable time to avoid the crash of the UK economy. The
research project will also assist the economics and authorities in housing sectors with effecting
suggestions. Also future researcher can also refer this research fir further extending this
research.
AIM:
“To investigates the issues with private renovation and sale of the property in context of
increase in let properties: A Study on London housing market”
OBJECTIVES
 To identify the issues in private renovation and sale of the property in London housing
market.
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 To determine the reasons effecting the sale and renovation of property in London.
 To analyze the current trends impacting increase in number of let properties in London.
 To recommended solution to mitigate the effect and decrease the trend of let properties in
London.
QUESTIONS
1. What are the issues in private renovation and sale of the property in London housing
market?
2. What are the reasons effecting the sale and renovation of property in London?
3. Analyze what are the current trends which impact the increase in number of let properties
in London?
4. Provide recommendation to mitigate the effect and decrease the trend of let properties in
London.
LITERATURE REVIEW
Theme 1: Issues in private renovation and sale of property in London
A per the views of Lind and et.al., (2016), the housing sector in London is facing a
significant change encountering new challenges. The current shortage of the houses in forcing
the providers to considered their roles and responsibility carefully. The main factors of this crisis
in London is imbalance in the demand and supply chain of the houses. There is a need to build
500000 new houses every year for next 25 years to meet the demand of residential homes in
London. The main reason being this is rise in the prices of the hoses in past 4-5 years which
announcement of Brexit. Moreover, the demand is high in the market to buy home which is
pushing the bargain market quite hard. The market is slowed down by a gap in the price
expectation between buyer and seller. Conversely, Ruddock and Ruddock (2016) stated that the
economy of the UK is on the verge of vulnerability at with the Brexit the economy is considered
as non stable which can crash anytime now. This have changes the rate of inflation in past 2-3
years and it directly impacted the housing sectors of the London. Preference of people have
changed with owing a house to sale or rent the house (Is UK property still a good investment?,
2018). This have changed the perspective in housing market making the supply more and
demand less of the existing build houses and people are moving in rented property this is making
it difficult to sale a house in London.
Theme 2: Reasons affecting the renovation and sale of private property in London
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According to Muyingo (2017) , the anxiety Brexit initiated have dragged the economy to
a standstill. This have also affected the housing sectors of UK. In the London selling of property
have become big issue which directly affected by the buyers holding back in a failing housing
market. The vendors are taking almost 47 days to find a buyer in 2108 which was just 24 days
in 2014. The expectation of the price growth of the houses are not same as before and people in
the market are pushing their bargaining powers. The Londoner hold properties for an average of
9.3 years and still are making significant profits since after the financial crisis despite of
slowdown in the market.
However, Hall and Hobbs (2017), presents different view about the factors that effect the
private renovation and sale of the property in London, the authors is of the view that after
financial crisis in 2008 the UK was still coping with the aftereffects of housing bubble and it
was struck again with Brexit. This have made the market again stable as people are not sure
about the inflation as prices either go high or low (Overcrowding in social housing in England
soars to 24-year high, 2018). This raised the number of people getting attracted towards private
renting as there is no fear of fall in the prices of houses or housing bubble when a person do not
own a house. The government have made housing society and it announces to built 11000
affordable houses in London to mitigate the effect of issue in selling the houses in London.
Theme 3: Current trend in housing sector impacting the increasing tendency of let property in
London.
In accordance to the DeVerteuil and Manley (2017), the number of people trapped in
expensive and unstable private renting is still high even when the supply of new social homes
as frozen. The housing prices have feel down by 1.7% in November 2018 . The rent in London
have fell down by verge of 0.3% rather it have increased in rest of the UK (Housing in London
report, 2018). This is one of the factor that leads to the trend of let property in London. London
ave a lower rate of growth in private rents than any other region in UK. The annal rents increase
in always been below the annual wage increase which lead to the fact that people are getting
more inclined towards let property.
On the contrary, Aalbers (2016), states that in London the housing prices have reached
standstill, the hopes for a rise are very bleak in the present case scenario of Brexit and economic
unsuitability along with imbalance in demand and supply of Housing market. The mortgages
have not remained an easy parts for constructing a new home rather than high demands and
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lower supply, but the house are kept on hold in hope for prices rise and this have increase the
selling period of houses in London. This have created a situation of demand oh the houses but
with lesser supply in order to give more profits and this is affecting the decision of people to
move towards renting of housing rather than purchasing one.
METHODOLOGY
Research design:
The design of present research project can be defined as the strategy that is adopted in
carrying out, presenting and complete the study of the current issues and trend in the housing
market of London. For this study descriptive research design will be sleeted in order to ensure
that the research problem and objective can be answered effectively. The research design will be
referred so that it can provide better opinion and insight into the issues that are currently present
in the housing market of London. This will ensure that researcher ensures significant level of
outputs from the data collected for the research.
Research type:
Research type can be defined as the framework of the research project. The research
type can be either qualitative or quantitative. The qualitative one deals with the enumeration of
the research issue rather qualitative one is more of a scientific method in which qualitative data
is collected and analyzed (Types of Research Methods, 2018)(. For the present research project
qualitative research type will be selected for getting an insight on the tissue of housing sectors
in London with relevance to problems in private renovation as well as selling of the property.
Research approach
The research approach can be defined as pattern and theory that is developed and
applied to determine the meaning on the basis of the data that will be collected the research
approach can be inductive and deductive . For present research report inductive approach will be
selected. This is chosen in order to determine the underlying patters of the issues in the housing
industry of London.
Research philosophy:
This can be defined as the belief about the way in which data and information about the
research topic is gathered. The research philosophy defines the manner through which the data
will be collected and analyzed. There are two type of research philosophies that is interpretivism
and positivism. For this research project on investigating the issue in housing sector of London
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interpretivism philosophy will be selected to interpret the effect of the problems and
recommending significant solution of the same with conducting detailed research on this topic.
Data collection:
This can be defined as way and manner through which the information relevant for the
research topic is collected. This can be of two type primary and secondary. The former one
means to gather fresh information through various methods such as sampling, survey etc. the
later one is related with data collection form books, journals, articles, magazines etc. For the
present research project secondary data will be considered with referring to books from financial
and economic experts, along with journal and article over the issues in the London housing
market.
Data analysis
This is the form of protestation and evaluation of the data so collected thorough
methods of data collection. Data and information can be analyzed in thematic manner or by using
different statistical tools such SPSS. For the present research project thematic presentation of the
data will be chosen as all the information for this research will be collected from secondary
researches. This type of data analysis will give better presentation of the information so gathered\
over the issues in sale of the property with problem in renovating private property giving rise to
trend of rental homes.
Research strategy:
This can be defined as the bifurcating and appropriating the total time that will be taken
in completion of research project in specific task and chapters of the research study. This is
allocation of specific time, out of total time to each task of the research project. This is step by
step action plan to complete each task towards completion of the study on investigating the issue
if housing sector of London and time of renting homes. For conducting the present research
project following time line will be followed by the research to which reflate time taken to
complete task of related with the research and its completion.
Time line:
Week
Activities 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Articulating
research
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topic
Framing
research
proposal
Stating
literature
review
Determinin
g research
objective
Collecting
primary and
secondary
sources
Designing
questionnair
e
Inserting
data
Thematic
analysis
Appropriate
interpretatio
n of finding
Discussion
Conclusion
Formatting
of entire file
Awaiting
for
feedback
6

Rectificatio
ns as per
feedback
Final
submission
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REFERENCES
Books and Journals
Aalbers, M. B., 2016. The financialization of home and the mortgage market crisis. In The
Financialization of Housing. (pp. 40-63). Routledge.
DeVerteuil, G. and Manley, D., 2017. Overseas investment into London: Imprint, impact and
pied-à-terre urbanism. Environment and Planning A. 49(6).pp.1308-1323.
Hall, D. and Hobbs, C., 2017. Public ownership is back on the agenda in the UK. Reclaiming
Public Services, p.130.
Lind, H and et.al., 2016. Sustainable renovation strategy in the Swedish Million Homes
Programme: A case study. Sustainability. 8(4). p.388.
Muyingo, H. G., 2017. Analysis of factors influencing reported housing maintenance costs in
Sweden’s public and private rental sectors. International Journal of Strategic Property
Management. 21(3) pp.284-295.
Ruddock, L. and Ruddock, S., 2016. The financial and economic challenges of housing
provision for an ageing society. Journal of Financial Management of Property and
Construction. 21(2). pp.85-98.
Online
Types of Research Methods. 2018. [Online]. Available through :<>.https://research-
methodology.net/research-methodology/research-types/. 2018. [Online]. Available through
:<>.. 2018. [Online]. Available through :<>.
Is UK property still a good investment?. 2018. [Online]. Available through
:<https://www.ft.com/content/5f4bd650-b737-11e8-bbc3-ccd7de085ffe>.
Overcrowding in social housing in England soars to 24-year high. 2018. [Online]. Available
through :<https://www.theguardian.com/society/2019/jan/31/overcrowding-social-
housing-england>.
Housing in London report. 2018. [Online]. Available through
:<https://data.london.gov.uk/housingmarket/>.
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