Week 7: Home ownership, investment, wealth and inequality



DD103 weekly summaryWeek 7: Home ownership, investment, wealth and inequalityThis week the focus is on economics use of quantitative data. This week also important for developing your comparing and contrasting skills.OverviewNote that the timings only refer to the activity or video so a little more needs to be built for reading the preambles. 1?Introduction2?A buy-to-let boom?2.1?More loans to landlords [Activity] (20 mins)2.2?Social impacts of buy-to-let [Activity] (20 mins)3?‘Home-ownership: investment, wealth and inequality’ [Chapter 3] (4 hours)+ [Activity] (30 mins)Reference: Shipman, A. (2015) ‘Home-ownership: investment, wealth and inequality’ in Murji, M. (ed) Investigating the Social World 1, Milton Keynes, Open UniversityIn-text reference (Shipman, 2015) plus page number if a direct quote4?Skills: Using library databases [Activity] (40 mins)5?‘Generation Rent’ [Activity/Video] (20 mins)5.1?Pro-renter campaigns and policies [Activity] (10 mins)5.2?Considering the source and accuracy of data [Activity] (10 mins)5.3?‘Generation Rent’: an alternative source of data [some reading and a table to examine)6?Skills: Working with averages6.1?Unweighted and weighted means [Activity] (5 mins)7?Measuring house price changes [Activity] (5 mins)7.1?Recent sales [Activity] (15 mins)7.2?Repeat sales7.3?The house price index8?Skills: Descriptive statistics8.1?Measures of central tendency [Activity] (10 mins)8.2?House prices in Canada [Activity] (15 mins)8.3?Interquartile range [Activity] (5 mins but allow more)8.4?Variance and standard deviation [Activity] (5 mins but allow)8.5?Calculating the standard deviation of house prices in Canada [Activity] (5 mins but allow more. This is quite tricky)9?Explaining house prices9.1?Representing the way market prices are determined [Activity] (20 mins)9.2?‘Equilibrium price’ in the housing market10?How can the UK housing shortage be solved?10.1?Problems with building more houses [Activity] (10 mins)11?Skills: Writing effective paragraphs11.1?Identifying effective paragraphs [Activity] (10 mins)11.2?Strengths and weaknesses of paragraphs A, B and C [Activity] (30 mins)11.3?Useful linking words and phrases12?Skills: Comparing and contrasting [Activity] (10 mins)12.1?Using the Investigative toolkit and the theme of inequality [Activity] (20 mins)12.2?Block method [Activity] (5 mins)12.3?Zigzag method [Activity] (5 mins)13?Week 7 Quiz (15 mins)14?Conclusion15?Independent study – An interview with Professor Nouriel Roubini examining the housing crash of 2007/8 and a further resource on the financial crisis and recession. ReferencingSample reference for the online materialThe Open University, (2018) ‘4 Skills: Introducing quantitative data’,?DD103 Week 2: Investigating debt and development in China[Online]. Available at [URL] (Accessed [date]).Sample references for video and audioThe Open University ([Year you started the module]) ‘A century of home-ownership and renting ’ [Video],?DD103 Investigating the social world. Available at [URL] (Accessed [date]).The Open University ([Year you started the module]) ‘Woman’s Hour: interview with Jonathan Gershuny’ [Audio],?DD103 Investigating the social world. Available at [URL] (Accessed [date]).Skills Using library databasesConsidering sources and accuracy of dataWorking with averages and weighted and unweighted meansCalculating the mean, median and modeCalculating the interquartile rangeCalculating the standard deviationWriting effective paragraphsUsing linking (signposting) wordsComparing and contrasting: Block method and zigzag methodDon’t get too worried about the statistics. It’s more about knowing what they mean than being able to calculate them. You are not asked to do any calculations in TMAs.A Youtube video on mean, median, mode and Standard Deviation met this weekAssetBuy-to-letBuilding societyCapital gainsEquilibrium price (Supply and demand)EquityGeneration rentIndexInflationInvestmentLeverageLiabilitiesMortgageOECDPercentilePortfolioPressure group‘Real’ dataReturn on investmentSubprimeSupply and demandStudies and research used this weekOsborne (2013 as cited in Open University, 2016) - Guardian article on buy-to–letOffice of National Statistics, A Century of Home-ownership and Renting provides data on home ownershipThe Generation Rent pressure group (2014, as cited in Open University, 2016), published a report on private renting in the UKExperian (2013, as cited in Open University, 2016) undertook research on home ownership and provides further statistical dataThe Canadian Real Estate Association (2015, as cite din Open University, 2016) provides data on Canadian house pricesThe Barker Review (2004, as cited in Open University, 2016) is a report commissioned by the Government on ways to expand the housing stockStudies and research in the chapterONS data and CML data are used to examine people’s tenure preferences. Lupton et al (2009, as cited in Shipman, 2015, p83) studied housing tenure and social outcomes. The Wealth and Assets survey (WAS) provides data in wealth distributionStudies by Shelter (2014, as cited in Shipman, 2015 p100) and Jessop and Humphrey (2014, as cited in Shipman, 2015, p100) provide data on adults living with parents and the level of expectation of home owning. In terms of these studies, note how data is used, contrasted and compared and how several studies are used to explore a particular point. For example, note how the ONS data is compared to the CML data (p81). Also note terms such as ‘sampling’, ‘representative samples’ and ‘error’. These are important when assessing the reliability of data. A more recent report on the end of the buy-to -let boom ................
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