Home Truths by Liam Halligan: how money rules the UK’s housing shortage
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The United Kingdom has faced a chronic housing shortage since the global financial crash of 2008. Since then, the economics relating to properties has spiralled out of control. Liam Halligan’s Home Truths: The UK’s Chronic Housing Shortage – how it Happened, why it Matters and the Way to Solve it takes an in-depth economic and political look at the much-discussed housing scarcity and what can be done about it.
By Sadie Trent, BA Politics and International Relations student at University of The West of England, Bristol
Shocking home truths
It is shocking to see how much house prices can vary for different parts of the country. It is a fact that the price of renting, buying, or both in some cases, has increased faster than wages and income. According to Full Fact, the average real wage fell from the start of the global financial crash of 2008 until mid-2014. However, as Halligan notes, the average UK home costs eight times someone’s annual earnings. In this case, the cost of living i...
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