a column by David Miles for VOX: CEPR’s Policy Portal
Over recent decades houses have become increasingly expensive in the UK, leading to what is routinely described as a ‘housing crisis’. This column assesses whether, over the long term, the UK experience is so unusual and explores the underlying forces at work. Two key elasticities and one technological factor are highlighted as being central to the story and will determine what happens over the next 50 years.
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