Thursday, August 22, 2019
There is no shortage of property
Building won't solve problem
But Mulheirn disagrees. He points to official data showing that since the 1996 nadir of house prices, the English housing stock has grown by 168,000 units per year on average, while growth in the number of households has averaged 147,000 per year. Even in London and the South East, the number of houses has grown faster than the household count. As a result, while there were 660,000 more dwellings than households in England in 1996, this 'surplus' has since grown to over 1.1 million by 2018. Similar trends are also apparent in Scotland and Wales, suggested Mulheirn.
Posted by taffee @ 04:10 AM (1907 views)
3 thoughts on “There is no shortage of property”
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nickb says:
Yes but most people even on the forums here don’t believe this, I imagine because they are constantly exposed to mainstream media narrative that serves the usual vested interests of banks, developers and other land price speculation beneficiaries, and politicians they donate to, that price increases are all about a physical shortage. To be fair there is a complication that average dwelling size may be decreasing. Would be interesting if anyone has somehow corrected for this.
mombers says:
There are currently 25 million empty bedrooms in the UK, and 53% of owner occupied homes now have 2 or more empty rooms. How many more empty rooms do we need to build to bring prices down? I know of single childless people who have bought 4 bed homes as it’s a tax-free, value creation free way to make money
britishblue says:
At some stage in the future, whether it is 2 years or 25 years there will be a ratcheting up of interests rates. When this happens it will be the mother of all crashes. If you believe in equilibrium, then this will happen.