The latest issue of the National Institute Economic Review contains new research focused on the 'broken' housing market in the UK and policy options for fixing it, following a successful conference on these themes co-organised by RICS.
Leading experts in the field provide in-depth analyses of key housing issues, including planning restrictions and limitations to supply, housing affordability, regulation of rental markets, and taxation.
Evidence-informed policy making is the way forward if we are to learn from the past in constructing a more durable outcome for the future.
We are proud to have partnered with the National Institute of Economic and Social Research (NIESR) and the UK Collaborative Centre for Housing Evidence (CaCHE) in delivering The Broken Housing Market conference on 1 June attended by more than 120 representatives from academia, the private and public sector, civic society and the media.
Jointly, we questioned whether the housing market is actually 'broken'; if so, where and why; and what can be done to fix it. We believe this coming together reflects not only the importance of housing in the nation, but also the extent which solutions need to combine the knowledge of different disciplines.
Evidence-informed policy making is the way forward if we are to learn from the past in constructing a more durable outcome for the future. RICS has a long history in the housing market, both in providing timely information through our monthly residential market survey and through challenging government in our policy output. As a co-investigating partner of CaCHE, RICS is committed to evaluating the base of research that currently exists, identifying gaps in that evidence, and then translating this technical knowledge into actionable strategies for better housing outcomes.
We are equally pleased to have the confidence of NIESR in promoting rigorous research methods that can be readily applied to complex policy issues such as those related to housing. Indeed, all three organisations are bound by a similar objective to promote, through quantitative and qualitative research, a deeper understanding of the interaction of economic and social forces that affect peoples’ lives, and the ways in which policies can improve them.
'Fixing' the broken housing market will require ongoing collaboration and a fair degree of courage. If anything, we’d like the review and discussions from the conference to stimulate interest in housing research that is being carried out, and, more importantly, to inform evidence-based policy making going forward. This is not an academic exercise, but an opportunity to meaningfully engage in a much broader discussion in areas such as the role of housing in consumption patterns of people, implications for macro-prudential policy instruments, and the affordability of housing.
Jeffrey Matsu is a Senior Economist covering global economic trends affecting real estate, property and land. He provides market analysis and thought leadership on key areas related to the world built environment.