MEMPHIS: The lesson is we should try to intervene as little as possible in the housing market, and let consumers decide the right balance between owning and renting.
Soaring house prices that are stopping young people from getting their first foot on the property ladder. Greedy buy-to-let landlords, puffed up with tax breaks, pushing up prices. Nimbys and Greens stopping anyone from building, even on old industrial sites.
If you listen to the debate on housing, just about everyone seems to think those are the explanations for falling home ownership levels.
But here is something very odd and which no one seems to be discussing. It’s not just us. In fact, home ownership is falling right around the world…