Extract 1: Rented Housing Trends in the South West
Between November 2021 and November 2022, average monthly private rents in the South West region rose from £950 to £1,120. The year 2022 saw an unprecedented spike in completed tenancy agreements. Letting agents reported intense demand from tenants relocating from major cities, alongside a critical shortage in the supply of available properties on the market.
Explain, using an appropriate diagram, the situation in the private rental housing market described in Extract 1.
11 exam-style questions on OCR A Level Economics The interaction of markets. Each one has a worked solution and a mark scheme showing where the marks go.