Abstract
Abstract This article assesses the way the British housing system has responded to large changes in policy and economic variables since 1979 in order to determine whether behavioural relationships have remained stable during this period or whether underlying relationships have varied. Changes in demographic factors in relation to total supply, in the allocation of housing between different groups and different tenures, in rents, prices and the availability of finance are all reviewed to determine how the system has adjusted. The main conclusion is that on the demand side trends have continued, if anything more strongly, while on the supply side there has been a downward shift in new output levels which can be explained only partly by direct changes in government policy. This however can be explained in terms of adjustment and can best be described as adjusting td changes in constraints resulting in a tightening up of the system rather than to modifications in behavioural relationships.
Published Version
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