Market Housing Issues, Problems and Solutions Stephen Nickell Chair of the National Housing and Planning Advice Unit Presentation at the Cabinet Office, 19 th May, 2008. Stephen Nickell is Warden of Nuffield College Market Housing What has been happening?
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Issues, Problems and Solutions
Chair of the National Housing and Planning Advice Unit
Presentation at the Cabinet Office, 19th May, 2008.
Stephen Nickell is Warden of Nuffield College
House prices, house-building, households, incomes.
House prices, house-building plans, households.
Command and control, incentives.
What determines house prices?
Basically, the “price” of houses is fixed at the level at which the demand for houses today is equal to the fixed stock available today.
In the recent past, demand has been shifting to the right more rapidly than the stock (which moves to the right by around 3/4% perannum).
So house price inflation depends on how fast demand rises relative to the available stock.
The Supply Side
Command and control (CC)
Financial Incentives (FI)
Regional spatial strategies, local development frameworks, LA land supply (PPS 3).
Thames Gateway, growth areas, growth points, eco-towns.