| Popis: |
Over recent decades the UK has seen an increasing shift in housing tenure away from privately or socially rented towards home ownership. Whilst the number of properties constructed for rent has fallen, particularly in the social sector, this has not been matched by rises in private sector construction for owner occupation. With the population continuing to grow and a reduction in average household size there is an increasing gap between need and provision. This shortage has exacerbated house price inflation, making it increasingly difficult for first-time buyers to enter the market and causing further disparity in wealth distribution. This thesis investigates spatial variations in market sector production between 1995 and 2002. In particular it will focus on the supply of new housing for owner occupation, as this is the dominant housing tenure in England. The aim of the research is to provide an economics-based explanation to spatial variations in production but with a 'holistic' approach to the investigation of house building. The research develops an approach to investigating house building that involves the triangulation of theory with qualitative and quantitative methods. In particular the research seeks to challenge the popular preconception that markets are ?naturally? efficient and that any form of regulation will automatically reduce this efficiency. This thesis presents a novel model of residential developer behaviour, which improves the understanding of the decision-making process, focussing in particular on the consequences of uncertainty. Secondly, it identifies the set of factors that influence the levels of housing production in the market sector for the study period, delineating a causal chain that demonstrates cause and effect. In particular it questions the accepted notion that planning regulation is the primary cause of falling output and that an increase in land released through planning will both increase output and reduce house prices. |
