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Capital cities

By Anthony Breach  |  11 June 2019

Capital cities

By Anthony Breach  |  11 June 2019

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  • Executive summary
  • Introduction
  • How does housing wealth vary in cities across England and Wales?
    • Figure Figure 1: Average housing equity 2013 and growth to average equity 2013-18
    • Figure Box 1: Housing equity and methodology
    • Figure Table 1: Summary of changes in housing wealth across England and Wales, 2013-18
    • Figure Figure 2: Average equity in 2018 versus owner occupation as a share of private housing in 2011
  • What has driven growth in housing wealth across city economies?
    • Figure Housing equity has increased the most where demand has been stoked by strong economies
    • Figure Figure 3: Growth in housing equity and resident wages, 2018
    • Figure The supply of new homes is not linked to cities’ demand for housing
    • Figure Figure 4: The housing market in England and Wales
    • Figure housing wealth
    • Figure Figure 6: House prices across selected cities since 2003
    • Figure Figure 7: Mortgage lending’s association with the local economy
  • How do housing shortages drive inequality between and within cities?
    • Figure and South
    • Figure Housing shortages sharpen inequality for renters, who tend to be younger
    • Figure Figure 8: Rents’ relationship to housing wealth
    • Figure Figure 9: Home ownership for under-50s as a share of those in private housing, 2011
  • How have political choices deepened wealth inequality across cities?
    • Figure The planning system creates housing shortages
    • Figure Policy supports homeowners, not home ownership
    • Figure Figure 10: Change in home ownership as a share of private housing, 1981 to 2011
    • Figure Homeowners use the planning system to block new homes and make inequality worse
    • Figure Higher rates of ‘affordable housing’ cannot address wealth inequality because their objective is not to slow growth in housing wealth
    • Figure Monetary policy choices are not responsible for housing wealth inequality, but housing shortages increase structural risk in finance
  • Conclusion and policy implications
    • Figure The planning system must be reformed to allow housing supply to respond to local demand and reduce inequality
    • Figure Homeowner tax breaks and subsidies should be reduced
    • Figure Government should explore alternative wealth-building vehicles to housing
    • Figure Nimby campaigns’ influence in the planning process must be reduced because they deepen wealth inequality

03

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