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Housing supply, investment demand and money creation: A comment on the drivers of London’s housing crisis

Gallent, NM; Durrant, D; May, N; (2017) Housing supply, investment demand and money creation: A comment on the drivers of London’s housing crisis. Urban Studies , 54 (10) pp. 2204-2216. 10.1177/0042098017705828. Green open access

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Abstract

This commentary examines the current emphasis on supply-side solutions to the housing crisis in England – building more homes to increase accessibility – against a backdrop of intensifying demand-side pressures, the financialisation of housing, and the impact of credit liberalisation and money creation on housing demand and prices. It reflects on the need to balance additional housing supply, where needed, with gradual ‘demand management’ responses that at last acknowledge the centrality of spatially unbounded investment demand and the flow of money created by deregulated banks into housing as fundamental to the current crisis of housing affordability and access.

Type: Article
Title: Housing supply, investment demand and money creation: A comment on the drivers of London’s housing crisis
Open access status: An open access version is available from UCL Discovery
DOI: 10.1177/0042098017705828
Publisher version: http://dx.doi.org/10.1177/0042098017705828
Language: English
Additional information: This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions.
Keywords: credit, financialisation, housing crisis, housing-demand, housing-supply
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > The Bartlett School of Planning
URI: https://discovery.ucl.ac.uk/id/eprint/1546192
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