Dwelling numbers rose by73,000 or 33% between 1995 and 2023 (estimates. Quite a rise, yet house prices were 6.4 times higher at the end of the period, up from £70,400 to £449,800.
The 'build more houses' lobby would retort that we are not building enough, they would say that wouldn't they!
The evidence from a number of sources suggest that the main driver of house price increases in the interplay between interest rates and asset values with low interest rates pushing up house prices. At the same time higher earnings play a part. Add in the impact of buyers with resources from elsewhere in the country and you have a recipe for higher house prices!
Its not that we need to build more, we have 35,000 dwellings not used for housing people, its a need to change a range of policies. Otherwise house building will go up and the housing crisis will continue!
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