Housing – and more than housing: what a bad budget!

Posted by Paul Cheshire, SERC and LSE The British housing market, especially the English housing market, is in crisis. This is not a crisis just confined to housing: it threatens to extend to the whole economy. We have analysed these issues on this blog several times before. The supply elasticity of new housing is approaching zero. In each of the last three years fewer private market houses have been built than in any peacetime year since early in the 20th Century.