Essay Instructions: ** REport to be writen in BRITISH ENGLISH
**I prefer a British writer with knowledge of the UK property market that can use econometrics model to demontrate the relationship between different variables of the property market and test test the hypotheses.
**The writer should collect primary research fromthe UK as specified in my project proposal below.
** All reference MUST be available to me in linksor sent by mail.
**The Litterature review must be at least 3500 words
** The bibliography should be attached to the report
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Project Report
The subheadings should be as follow
* Abstract
• Introduction
• Background
• Literature Review
• Methodology
• Data analysis, Test and Results
• Discussions
• Conclusions
I have below listed questions or key points that are relevant to each section
= An Abstract
Introduction
In this part should i be answering the questions below
???? What was the overall subject of your research?
???? What was the main aim of your research?
???? What specific business related questions or issues did you address in your research? Why is the residential property price is falling in of the?
???? Why did you pursue these questions or issues in your research?
????Did you have any expectations of what you might find out at the start of your research? If so, what and why, and have these changed, and why?
???? Highlighting the main point of each section as it relates to the title.
???? Being able to show the reader what makes my research different to the previous research
Background Information
This section is about
???? What are the main goods and services of the industry involved ie finance, mortgage property
???? What is the historical/social/ economic background of the Uk Residential property? The scope is London
???? What are the values, culture or policies underpinning the UK Residential property? London
???? What is the background to the particular situation or phenomena examined? If relevant, why has a particular situation arisen?
Literature Review
This part should answer these questions
???? What previous research has already been done on this topic? Who did it, when and why?
???? What conclusions did previous researchers reach?
???? How relevant are these conclusions today generally and for your own research?
???? How does your research build on previous research? How is it similar or different (e.g.
similar/different models or methods used etc),
???? Who are the principal commentators and theorists in the subject you researched?
Methodology
I must be able to answer to the questions below in this part of my report
???? How has the previous research influenced the research methodology and methods?
???? What philosophical approach did you take to your research,
e.g. qualitative/Quantitative? Inductive/Deductive?
???? Why did you adopt this approach?
???? In retrospect was this the correct approach?
???? What methods (to gather primary/secondary data) did you decide to use and why?
???? What criteria did you adopt for collecting this data (e.g. target number, age, gender,
occupational etc) and why?
???? If relevant, who are the main people involved in the research and their roles and
responsibilities?
???? What was the target sample number? What type of sample was it, e.g. a random sample?
???? What was the actual number you achieved? Why was there a shortfall?
???? Where did you collect the data? When did you collect it? How did you collect it?
???? Who was involved in the collection?
Data Analysis Test and Results
must be able to tell or to answer
How was it analysed? What analytical method(s) did you apply to draw the results?
???? What logistical or other problems did you encounter in collecting or analysing it?
???? What was the result of the findings?
???? Were the results affected in any way by any event, situation or phenomenon?
???? If there was a shortfall in the amount of data you gained, how have you compensated or dealt with this situation?
???? How does the amount of data collected by you compare or contrast with previous research in this area of enquiry?
???? What is the best way of presenting these results in the report?
Discussions
In the results I must be able to explain
???? How do the findings connect with the overall research aim and research questions?
???? What do the findings mean in theory and/or practice?
???? How unexpected/expected were some or all of the findings?
???? How can the findings be applied?
???? When can they be applied?
???? Who could apply them?
???? What recommendations can be made based on the research findings?
Conclusions: Some questions to ask
???? the main aims and findings of my research?
???? the practical or applied applications of my findings for others?
???? the unexpected problems that arose and the limitations of the research?
???? How future research might build on where I left off?
???? The last sentence I will write?
Research objectives
The objective of my research is to investigate to what extend the instability in the financial economy has affected the UK residential property market especially in the South East of the England. The special focus is to explore the possibility that the falling price of property can develop a new trend in home ownership and the buy-to- let phenomenon which in the last decade has been seen as an investment heaven for households and investors.
Expectations of outcome and conclusions
The expectations from my findings should indicate that in spite of the falling price of property in the UK in general in some areas the price are stable or increasing. There could still be an opportunity for Buy-to-let investor to increase their portfolio. The finding should indicate that the attitude towards ownership is in decline and that the rental market is increasing. The conclusions should be based on the finding that the preference for rental market is an opportunity for buy to let investors which could create a niche market for some mortgage lenders.
Please below is the project proposal marked and approved by my supervisor
Project Proposal MBA
Title: The Effect of the credit crunch on UK Residential property: Is there an opportunity for the buy-to- let?
Introduction
What began last year as a problem in American funds exposed to subprime mortgages has snowballed into one of the worst financial crises in modern history (Rayner, 2008). In the third quarter of 2007 the credit crunch shook the USA financial industry and sent shock waves to the rest of the world. Almost all financial institutions were affected lenders can no longer raised fund on the money market. Most banks especially those in the subprime market tightened the lending criteria between themselves and to customers. This financial instability first casualty was Northern Rock, the fifth mortgage lender in the British market who could no longer borrow money from the US Banks to finance its activities seek liquidity from the Bank of England, which precipitated its collapse and nationalisation (Giles, 2008). The housing market has experienced a downfall in mortgages approval and a subsequent slow down in the property market leading to an annual 10.9% drop in property prices across the UK as reported by Halifax leading mortgage lender (hbos, 2008).
Research Objectives
The objective of my research is to investigate to what extend the instability in the financial economy has affected the UK residential property market especially in the South East of the England. The special focus is to explore the possibility that the falling price of property can develop a new trend in home ownership and the buy-to- let phenomenon which in the last decade has been seen as an investment heaven for households and investors.
Research Questions
The questions to guide through my research would be:
• Why are banks reducing their loan and mortgage approval?
• How home-owners and investors are reacting to the change in market condition?
• Which areas are the most affected?
• Are we facing the end of home ownership and increase in renting?
• Is there a bargaining power for cash rich buyer?
Relevance
Over the past 12 years the property industry has enjoyed a sturdy and sustained period of growth, which has seen the average property price tripled (Mintel). This boom has encouraged a large percentage of the UK household to invest in home-ownership with most purchasing a second home. The Mortgage lenders increased flexibility to borrower and expanded their share on the buy-to-let market coupled with the increased media hype around the profitable property market; many consumers seized the opportunity to become landlords, property developers/investors.
However, in the last quarter of 2007, the housing market has experienced a low level of mortgage approval and a falling price of property. More than a year on, the situation rather than improve continue to slump.
The relevance of this research is: when the price of property fall and mortgage rules are tightened who can benefit from the situation.
Research Methodology
Quantitative research described as the research strategy that emphasises the quantification in the research of data, will be the predominant method used for my research (Bryman and Bell, 2007). Qualitative approach will be included to search for consistencies and trend in the increase for preference for rental over property ownership will also be included.
Part of the research method will consist of keeping a diary, as the subject of the dissertation is based on an ongoing situation which will guide the progress and conclusions of my research.
Data Collection
The collection of information will be a combination of primary and secondary data. For my secondary data, a range of carefully selected sources including government institutions namely the Bank of England, the Office for National Statistics; major players in the property market, the Council of Mortgage Lenders, the RICS, Estate gazette and broadsheet newspaper specialised in the economy and financial market will be reviewed as well as various researchers articles on the topic. This will ensure the validity and reliability of the research.
Primary data will be collected using questionnaires with both open and closed questions that will be distributed to various mortgage lenders such as Halifax Plc. Nationwide and Bradford and Bingley Building Society as well as to buy-to-let investors and private landlords. This survey will give me insight data on consumer’s attitude on property towards the current financial situation.
Expectations of outcome and conclusions
The expectations from my findings should indicate that in spite of the falling price of property some areas are not affected. There could still be an opportunity for Buy to let investor to increase their portfolio. The finding should indicate that the attitude towards ownership is in decline and that the rental market is increasing. The conclusions should be based on the finding of the preference for rental market is an opportunity for buy to let investors which could create a niche market for some mortgage lenders.
Reference list
Bryan A. and Bell E., (2007) Business research method, Oxford University, United Kingdom
Giles, C. (2008), Northern Rock-one year one, Financial Time: http://www.ft.com/cms/s/0/3ca21616-8112-11dd-82dd-000077b07658,dwp_uuid=74d73d92-650f-11dc-bf89-0000779fd2ac.html accessed 16/09/2008
Griffiths, R. (2007), UK feels weight of the credit crunch. Mortgage strategy , 49-49
Available from: Business Source Complete Fulltext [accessed1 september 2008]
Muellbauer, J and Murphy, A., (1997) Booms and busts in the UK housing Martket, Economic Journal 107 (445), 1701-1727. [online] Available from: Web Knownedledge Fulltext
Rayner, G. (2008), Credit Crunch Timeline: from Northern Rock to Lehman Brothers, Telegraph: http://www.telegraph.co.uk/money/main.jhtml?view=DETAILS&grid=&xml=/money/2008/09/15/bcntimeline115.xml, accessed 16/09/2008
Websites:
Bank of England: http://www.bankofengland.co.uk/financialstability/index.htm
Council of mortgage Lender: http://www.cml.org.uk/cml/media/press/1893
Royal Institute of Chartered Surveyors http://www.rics.org/Newsroom/Keyissues/UKresidentialpropertymarket/hms_aug2008_090908.htm.htm
Office for National Statistics: http://www.statistics.gov.uk/
Mintel:
http://academic.mintel.com/sinatra/oxygen_academic/search_results/show&/display/id=290765
Halifax: http://www.hbosplc.com/media/pressreleases/articles/halifax/2008-09-04-HousePrice.asp?section=halifax
