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How much will a house cost in 100 years?

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Interesting lecture from an ex-MPCer, David Miles, I assume a dove who is largely bullish on house prices very long term. 

Description: Why are house prices in the UK so high and will the rate of recent rises continue into the future. Professor David Miles has been looking into to the past and around the world for answers

A couple of criticisms..

Talks about limited willingness of public to move from eg a two floor house into two floors of a four storey block of flats. This is undoubtedly true, but doesn't mention that most likely opposite applies when going from eg a 20 storey tower block to 40 storeys.

Defines 'useable land' as a reasonable commuting distance from city centres and that this area maxed out in 1970s. Ignores teleworking (is this term still used?) completely and that workers can live much further away if only in the office a couple days per week

Says house price rises mostly about land values (agree), but largely ignores the huge extent to which this is self-inflicted through planning restrictions. If prices go high enough government WILL relax these restrictions (and to some extent is already doing this)

 

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