This new policy briefing highlights the role of land in the economy and its impact on the housing crisis. We provide a series of recommendations designed to put land to better public use and to start to break the housing market’s dominance over our economy.
Figures released today show that parents are set to lend more than £6.5bn this year to help their children get on the property ladder, making the ‘Bank of Mum and Dad’ the UK’s ninth-biggest mortgage lender. The figures are revealing: a further, troubling sign that the UK’s broken housing market is driving a wedge through society.
Our financial system is hooked on the buoyancy of an unsustainable housing market. Homes routinely ‘earn’ more than people do. How did we get here? And is this actually ever going to change?