“The biggest barrier to social mobility and social progress is our broken housing market,” said Sajid Javid, while launching his long-awaited housing white paper last week. “Fixing it means taking on tough vested interests”. The Communities Secretary is right on both counts. But if this white paper is a genuine guide to future government action, it isn’t up to the job,
Over the last twenty years, amid soaring demand, we’ve built around two and a half million too few homes across the UK. This yawning supply-demand gap has made ownership evermore unaffordable. The average house today costs almost eight times average earnings – an all-time record, the ratio having doubled since 1997.