替代品的价格——Price of Substitute:
The simplest alternative to buying a house being renting, the last 5 years have been a boom time for the buy to let mortgages, increasing in number by over ten times in eight years, see the following excerpt from Mintel (Buy-to-Let - UK, March 2008);
in 1999 there were just 73'000 buy to let mortgages outstanding but by 2007 this number had mushroomed to around 1'040'000. Annual buy to let business has grown by more than 30% per annum on average from 1999-2007.
Renting a property allows greater flexibility for people to work in different locations without a permanent form of tenure; it equally provides a solution for those with mortgage affordability issues, personal preference in housing type/location, or simply providing a stop gap for those who have undergone separation or divorce. If this trend continues it will make it very difficult for first time buyers to make their first step on the property ladder often as buy to let mortgages require a larger deposit (circa 25-40% Mintel) they tend to be taken up as an investment for those with diminishing final pension aspirations.
供给因素——Supply Factors
规划条例——Planning RegulationsPlanning is known to be a lengthy process which for large infrastructure items often requires lengthy periods of public consultation. These in some cases tend to meet with insurmountable appeals through NIMBYism. Easing the complicated planning process would be one (perhaps unpopular) way to increase supply. Much blame for the shortfall in supply has fallen at the feet of planning departments, this was particularly evident in both government commissioned reports by Kate Barker, most notably a member of the MPC and ex chair of the CBI. The summary of her first report in 2004 recommended building 120'000 more homes in the private sector to achieve a net reduction of 1.1% in house prices and to implement a tax on land sales sold for residential purposes. Somewhat counter-intuitively her second report asserts several recommendations focussing on making the planning framework as efficient and effective as possible, appearing to favour economic growth over social impact. If uptake of the reports recommendations are legislated these may facilitate increased housing supply, though it is the opinion of some in the green lobby that it could pave the way for 'big business' via the back door, see to conclude the FoE's response to the second reports publication:
Friends of the Earth is concerned that the Treasury's agenda, in reviewing the planning system, is to elevate the needs of busine
