ECONOMICS
INCOME DISTRIBUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Is the value of an individual’s annual income
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Is likely to fall due to inheritance
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Is rising in the South of the UK due to rising property prices
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will rise as people’s income falls
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Detailed explanation-1: -This is driven by the volatility seen in house prices throughout 2021 because of Stamp Duty holiday changes. For example, tax holiday changes at the end of June 2021 caused average house prices to fall £13, 000 in the month to July 2021, followed by an increase of £7, 000 into August 2021.
Detailed explanation-2: -York has been crowned as the city with the strongest house price inflation across England and Wales this year, new data has shown. According to Halifax, house prices in the historic Yorkshire city have grown by 23.1% over the last 12 months, or £69, 648 on average in cash terms.
Detailed explanation-3: -When this happens, house prices will decrease. In recent years, inflation and demand have caused the average property value to increase greatly. For example, in January 2022, the average UK house price was £274, 000. Just one year earlier, in January 2021, this number sat £24, 000 cheaper at around £250, 000.
Detailed explanation-4: -Current index As of December 2022, the average house price in the UK is £294, 329, and the index stands at 154.37. Property prices have fallen by 0.4% compared to the previous month, and risen by 9.8% compared to the previous year.