6. In 1996, the average house price in the UK was about $75,000. By 2007, prices had risen to around $190,000. This increase in prices had been fueled by rising incomes and cheap loans.
a) Draw a demand and supply diagram to show what caused house prices to rise between 1996 and 2007.
b) There is an improvement in technology in the housing industry. Draw a diagram to show the effect this would have on house prices.
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6. In 1996, the average house price in the UK was about $75,000. By 2007, prices had risen to around...
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