Friday 31st Janaury 2025

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It doesn’t take a genius to work out that the high price of housing is a function of supply and demand. Supply just isn’t keeping up with the growth in the population. But is that the only reason?

Phil presents some alternative theories to Peter Tulip, chief economist at the Centre for Independent Studies. The availability of cheap credit, for example. Or government subsidies like the first-home buyer’s scheme.

Peter argues these have all had little impact on long term prices, and it really does get down to supply and demand. He provides compelling evidence from home and overseas. Why this imbalance? NIMBYism? Perhaps the government's focus should be ondispelling the belief that more people mean worse local services.

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