role of housing in cities: how does it vary and why does it matter?
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Role of housing in cities: How does it vary and why does it matter? . Andrew Carter Centre for Cities April 2014. Anomie – a poor sense of belonging, UK in detail Geographic map Proportional map Label areas . Cities matter to the national economy . But their performance varies . - PowerPoint PPT PresentationTRANSCRIPT
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Andrew CarterCentre for Cities
April 2014
Role of housing in cities: How does it vary and why
does it matter?
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Cities matter to the national economy
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But their performance varies
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National recovery has been going at different speeds
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Important for shelter and for economic reasons . . .
Positively: • Contributes £18bn to the economy• Building 100,000 homes could boost national GDP by 1%• Employs 250,000 people• Every 1 new home supports 1.5 new jobs• £1 spent generates additional £2• Quality of place offer
Negatively: • High house prices reduce migration & household formation• Drives up wages (which drive up house prices)• Encourage ‘inefficient’ investment decisions• Raises housing benefit expenditure
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UK needs more houses
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But 3 pieces of evidence show variation in housing
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1. Gap in ability to get a mortgage
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2. House price growth since the crash
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3. Housing supply is just one element of housing problem
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… meaning the problem is not the same everywhere
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And even within cities there is variation
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Policy should reflect this
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Milton Keynes shows that it can be done…
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Need a placed-based housing & economy policy agenda
• Boost land supply• Devolve land-use planning• Refine New Homes Bonus incentive• Remove caps on borrowing for housing
investment• Introduce greater competition in house-
building industry• Encourage collaboration within housing
markets
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Questions?Andrew Carter
020 7803 4318
07900 168457
@AndrewCities