Excess demand
Sir: Liam Halligan (‘The house mafia’, 26 June) treats us to an exposé of the shoddy products of the mass housebuilders. In the course of his article, however, he accepts as given that the solution to the housing crisis is to build more houses.
The problem, however, is not one of deficient supply; it is a problem of excess demand, driven by ultra-low interest rates, kept so low for so long that the result has been an out-of-control housing boom.
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