Explain what is the real estate market idiosyncracy and what the literature says about its impact on the functioning of the real estate market.

Assessment Brief – Task 1 - Resit

Submission details

Module title: Real Estate Economics and Valuation

Module code: UBLMLF-30-M

Assessment title: Data Project

Assessment type: Individual assessment

Assessment weighting: 25% of total module mark

Size or length of assessment: Word count 2,000 Assessment Content Limit Policy for the University (sharepoint.com)

Module learning outcomes assessed by this task:

• MO1 Interpret the impact of market forces on land and property resources

• MO2 Analyse the risk that flows from government macro policy that relates to land and property resources

Use of AI in assessment:

For this assessment, Generative Artificial intelligence (Gen AI) tools CAN be used in an ASSISTIVE ROLE.

You are permitted to use Gen AI tools in an assistive role in this assessment to support you with

• drafting and structuring content

• supporting a particular process such as translating content

• providing ideas or inspiration to help you overcome a creative block.

Please note that while GenAI tools might suggest topics/content, you will always need to go back and locate and critically engage with actual literature/research/evidence yourself.

As the use of Gen AI is optional (due to its purely supportive capacity) its use is not part of the skills or knowledge you need to demonstrate for this assessment. However, if you have used Gen AI to prepare or produce part or all of your work, you must acknowledge its use. For more advice on this (and its use in general) please see your Generative AI study skills guide.

AI must be properly attributed like any other source to avoid plagiarism. See further advice in “How to avoid plagiarism?”

Note that in this assessment using AI can only add value if you are a VERY proficient AI user and already know inside-out the field of economics. Otherwise AI will only cloud your judgement resulting in wasted time. For publicy available information, use Google and other Internet searches instead of AI. They do not hallucinate where AI does…

Guidance on Referencing (inc AI):

Please note that the aim of referencing is to demonstrate you have read and understood a range of sources to evidence your key points. You need to list the references consistently and in such a way as to ensure the reader can follow up on the sources for themselves.

You must follow the UWE Bristol Harvard referencing style. Marks are allocated for accuracy referencing.

Referencing - Study skills | UWE Bristol

Using generative AI at UWE Bristol - Study skills | UWE Bristol

Completing your assessment

What am I required to do on this assessment?

The assignment requires you to research one of the idiosyncrasies of the real estate market listed below and using a set of data demonstrate what are the issues relating to the selected idiosyncracy and how they affect the functioning of the property market.

This means that we expect you to research how the issues relating to the idiosyncracy are measured (i.e. how some indicators are computed), how this idiosyncracy evolved over time (e.g. how changes in regulations, market conditions, customer behaviours etc. affect the scale / nature of the issue), and why it is important to real estate markets.

The specific idiosyncracy is left for you to choose from the list below. Although, at this point in time, you may not yet have an idea, it is worth bearing in mind that you are encouraged to reflect on the topics covered in the classrom.

The aim of this assessment is for you to first reflect on what we have covered so far in the module and based on the economic literature relating to the real estate market to explore the selected idosyncracy of the real estate market and using data explain impact of this idiosyncracy on the functioning of the real estate market.

You are expected to prepare a 2,000 word report on your observations, which should be structured as follows:

1. Explain what is the real estate market idiosyncracy and what the literature says about its impact on the functioning of the real estate market.

2. Explain what data you are using and why to illustrate the impact of the selected idiosyncracy on the functioning of the real estate market.

3. Reflect on the idiosyncracy to critically assess whether something could/should/could not/should not be fixed somehow to make the real estate market more efficient. Do not be afraid of bold ideas.

File format and presentation: submit your report as a single Word file including all key outputs from your analysis. Submissions using other file formats (e.g., PDF, PPT) will not be graded.

• Do not include links to external files or embed files. The links typically get truncated on our submission system. Instead paste tables, graphs etc. as pictures.

• Check if the files open properly. You will get zero if we cannot open your files.

• Make sure that maps, figures, tables etc. are readable and labelled.

• Check if maps, figures, tables etc. are printable.

• Check if printed in black and white the files are still clear and if applicable highlights on maps well identifiable etc.

• Check your grammar and language (avoid colloquialisms), use UK English spelling.

• Ensure that the document looks professionally, e.g., 1.5 spacing and 12-point Times New Roman font or similar (just as guideline).

• Provide at least 5 illustrations and not exceed a total of 10 illustrations (maps, figures, tables etc.). At least 5 illustrations must be prepared by you based on the dataset you chose.

• In the section dealing with the selection of relevant data clearly explain what data you got from which source and in the references include appropriate links to that, if in doubts, we can replicate your work.

• Depending on the characteristics of your data, consider using descitive statistics, trend analysis, regression analysis etc.

• Stick to the word count. We will not read any words beyond the first 2,000.

Referencing: Your assignment should acknowledge all published sources you refer to in the text (e.g., literature, academic papers, books, professional publications, market reports, newspapers, data sources etc.) and should contain a reference list of all these sources (headed “References”) at the end.

Electronic submission: The report is to be submitted in electronic format via Blackboard. Hard copy or emailed submissions are NOT acceptable under any circumstances.

Where/how should I start?

Plan your work:

• Step 1 Think which topic you would like to cover.

• Step 2 For the selected idiosyncracy read the academic literature beyond what we have covered in the classroom and think of which evidence you could look at to illustrate the specific idiosyncracy and its implications for the functioning of the real estate market.

• Step 3 Plan the structure of your submission to make sure that all analysis, argumentation and writing up are completed well in advance of the deadline.

• Step 4 Write the whole document and leave time for review. You will most likely produce too many words and will have to make tough decisions on what should go.

If you cannot find enough real estate literature directly refering to the selected idiosyncracy, you may consider literature on other markets (e.g. food/automotive/banking etc.) and draw parallels from there.

In your analysis you may refer to the market forces, local/global market conditions, specific types of rights, real estate sectors, specific market players, regulators, macroeconomic/local policies, wider economic, social, political, environmental conditions etc. The choice is is up to you.

When using the data consider the validity of different sources, data quality, reliability, richness, completeness. If you had more time, money, what other data sources could you use? Why? Where would they come from?

For more details follow lecture slides and recordings.

What do I need to do to pass?

The minimum mark is 50%. For details see the marking grid included at the end of this document.

How do I achieve high marks in this assessment?

Refer to the marking criteria.

How does the learning and teaching relate to the assessment?

All teaching sessions leading up to the assessment contribute to this assessment.

What additional resources may help me complete this assessment?

• FAQs and other resources on your Blackboard site

• Specific UWE library study skills pages i.e.

  • https://www.uwe.ac.uk/study/study-support/study-skills

  • Critical thinking and writing - Reading and writing | UWE Bristol

  • Writing - Reading and writing | UWE Bristol

  • Writing feedback - Writing | UWE Bristol

  • Studiosity - Study support | UWE Bristol

• Office hours – see Module Handbook.

• Fromative feedback – check the module Blackboard site for announcements closer to the submission date.

What do I do if I am concerned about completing this assessment?

It is recommended that you review all of the relevant materials on Blackboard. You can also speak to your module leader for advice and guidance.

UWE Bristol offer a range of Assessment Support Options that you can explore through this link, and both Student Support Advisers and Wellbeing Support are available.

For further information, please see the Student study essentials.

How do I avoid an Assessment Offence on this module?

Use the support above if you feel unable to submit your own work for this module. The most common forms of assessment offence for this assessment are plariarism, contract cheating, falsification, and fabrication. Avoid them by doing the work on your own. Refer to academic-conduct-policy-and-academic-misconduct-procedures.

Marks and Feedback

Your assessment will be marked according to the marking criteria included at the end of this document. You can use these to evaluate your work before you submit.

1. In line with UWE Bristol’s Assessment Content Limit Policy (formerly the Word Count Policy), word count includes all text, including (but not limited to): the main body of text (including headings), all citations (both in and out of brackets), text boxes, tables and graphs, figures and diagrams, quotes, lists.

2. UWE Bristol’s Academic Conduct Policy and Academic Misconduct Procedures (Assessment Offence Policy) is available from the Academic Integrity webpages and requires that you submit work that is entirely your own and reflects your own learning, so it is important to:

• Ensure you reference all sources used, using the UWE Harvard system and the guidance available on UWE’s Study Skills referencing pages

• Refer to peer reviewed primary sources, rather than using AI or secondary sources

• Avoid copying and pasting any work into this assessment, including your own previous assessments, work from other students or internet sources

• Develop your own style, arguments and wording, so avoid copying sources and changing individual words but keeping, essentially, the same sentences and/or structures from other sources

• Never give your work to others who may copy it

When submitting your work, you will be required to confirm that the work is your own, and text-matching software and other methods are routinely used to check submissions against other submissions to the university and internet sources. Details of what constitutes plagiarism and how to avoid it can be found on UWE’s Study Skills pages about avoiding plagiarism.