The New Statesman | UK politics and culture

Who really owns Britain's houses? | Susan J. Smith interview

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Aug 2, 2025
In this discussion, Susan J. Smith, the President of the British Academy and Honorary Professor at Cambridge, dives into Britain's housing crisis. She highlights rising prices and the shrinking home ownership among younger people, driven by corporate investors. The conversation unveils the social costs for middle and lower-income groups and critiques the role of government intervention. Smith also touches on the necessity of reforming housing taxation to promote equity while balancing the needs of homeowners and renters alike.
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INSIGHT

Rising House Prices as Safety Net

  • Rising house prices offered ordinary households a safety net amidst income stagnation since the 1980s.
  • Ownership gave a unique form of wealth and security during welfare state rollbacks.
INSIGHT

Concentration of Housing Wealth

  • Housing wealth has become more concentrated with higher incomes and wealthier owners into the 2000s.
  • Corporate landlords entered the market, driving prices up when incomes couldn't support them.
INSIGHT

Shift to Corporate Rental Ownership

  • Owner occupation still dominates residential property ownership but the rented sector ownership is shifting.
  • Corporate landlords backed by financial markets now dominate rentals, aiming primarily to maximize profit.
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