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Tuesday, 11 August 2009

House prices

Anyone with even a basic understanding of market economics knows that the less there is of something, the higher the price.
For too long house prices in Britain have been too high, as a result of too much easy credit and a shortage of housing.
So the headline "House shortage 'props up prices'" is not a great surprise.
The questions are how to decide where to cut the credit off in an equitable and socialist way, where to find the space to put all these wonderful new houses, how to ensure they are allocated according to need.
And whether John Cruddas can be pursuaded to take the job of housing minister now that Blears has gone. Ideally Bevan would take it back, but he's been a bit off the boil these last 50 years...

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