Protection of the value of existing houses is not only a feature of housing policy. It's baked into the planning system too, writes Pat Leahy
The next biggest cohort are those households who are “owner occupied with a loan or mortgage” – there’s 531,000 of them. Again – a bunch of people not exactly cheering for a house price collapse.
So of the 1.84 million or so permanent private households in the country, more than 1.21 million have a very direct economic interest in house prices not nosediving. It’s not just in housing policy. Protection of the value of existing houses is baked into the planning system too. A developer recently sent me a copy of a planning refusal he received from a local authority. One of the reasons for the refusal of a medium-sized development was that it would adversely affect the values of the surrounding houses, which were incidentally in one of the tonier addresses in town. It would, the decision said, “depreciate the value of property in the vicinity.
The reason, my friend suggests, is that preserving house prices is hard-wired into the planning decision-making process.It’s hard to argue with that. It certainly explains a lot about the failure to get to grips with what is – after all – a problem of supply in the housing system.
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