Housing Flashcards
Mortgage
A loan that is used to purchase a houseb
Stamp duty
A type of tax that is paid by the purchaser of a house
Landlord
The name given to someone who owns a poverty and then rents it out to someone else
A type of mortgage in which the interest rate is set does not change
Fixed rate mortgage
The tax charged on the profit earned when an asset is sold
Capital gains tax
A house cost in 1930 and 2020
£590
£291,000
Equity withdrawal
Withdrawing a portion of a homes value
Credit crunch
A situation where it becomes difficult or expensive for businesses and consumers to borrow money
Repossessions
Bank taking house off people and selling for auction
Is the house rental market separate from or part of a broadly defined housing market
Because the property has a value that will increase over time its apart of housing markets
What is meant by excess demand
When price is lower than equilibrium price
