Letters: We can’t build our way out of the housing crisis
From our UK edition
Excess demand Sir: Liam Halligan (‘The house mafia’, 26 June) treats us to an exposé of the shoddy products of the mass housebuilders. In the course of his article, however, he accepts as given that the solution to the housing crisis is to build more houses. The problem, however, is not one of deficient supply; it is a problem of excess demand, driven by ultra-low interest rates, kept so low for so long that the result has been an out-of-control housing boom. The young are being prevented from buying a house, not because housebuilders hoard land and refuse to build, but because buyers with access to eye-watering amounts of borrowed money have forced prices so high that they are now out of reach of most.