The long term-aim must be to return to a society where houses are viewed as somewhere to live, not as vehicles for accumulating wealth. This can’t happen overnight, and it won’t be easy. The task involves taking on the unholy alliance of private developers, banks and – most difficult of all – ordinary homeowners, many of whom now view ever rising house prices as normal and just.
About Laurie Macfarlane
Economist and writer based in Edinburgh. Economics editor at openDemocracy, and an Associate Fellow at the Institute for Innovation and Public Purpose at University College London. Co-author of the critically acclaimed book ‘Rethinking the economics of Land and Housing’