Abstract
Returning to the idea of housing access/affordability as a wicked problem, this chapter explores 6 critical explanations of the housing cost crisis, showing how these explanations intersect to produce a broader narrative account of the political economy of housing outcomes. The chapter looks at impediments to increasing housing supply, the role of direct (overseas) investors in the London housing market, reliance on volume housebuilding (the lack of plurality in the UK model of housing production), the associated reliance on ‘build to sell’ (and the lack of space for alternative models), the impact that the tax treatment of housing has on consumption and housing supply, and the role that credit supply has on house prices and housing costs.
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