l{"id":1338145,"date":"2024-08-04T08:00:25","date_gmt":"2024-08-04T07:00:25","guid":{"rendered":"https:\/\/www.businesstelegraph.co.uk\/housebuilding-is-a-route-to-bigger-better-homes-for-all-not-just-the-rich-torsten-bell\/"},"modified":"2024-08-04T08:00:25","modified_gmt":"2024-08-04T07:00:25","slug":"housebuilding-is-a-route-to-bigger-better-homes-for-all-not-just-the-rich-torsten-bell","status":"publish","type":"post","link":"https:\/\/www.businesstelegraph.co.uk\/housebuilding-is-a-route-to-bigger-better-homes-for-all-not-just-the-rich-torsten-bell\/","title":{"rendered":"Housebuilding is a route to bigger, better homes for all, not just the rich | Torsten Bell"},"content":{"rendered":"<p> <script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<!-- newscabal uk text -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:inline-block;width:728px;height:90px\"\r\n     data-ad-client=\"ca-pub-8162386273903324\"\r\n     data-ad-slot=\"3688094655\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p class=\"dcr-fya6vl\"><span style=\"color:var(--drop-cap);font-weight:300;\" class=\"dcr-15rw6c2\">O<\/span>ne of the reasons I support building more homes is it will help bring down housing costs if we keep at it. Government research finds a 1% increase in housing stock drives a <a href=\"https:\/\/www.gov.uk\/government\/publications\/analysis-of-the-determinants-of-house-price-changes\" data-link-name=\"in body link\">2%\u00a0fall in house prices or rents<\/a> \u2013 remember, housing costs for the average family have doubled from 9% to 17% of income since 1980.<\/p>\n<p class=\"dcr-fya6vl\">But there are other reasons to build. Often we forget how much new building affects the quality of housing, not just the price. The <a href=\"https:\/\/www.resolutionfoundation.org\/publications\/housing-outlook-q3-2022\/\" data-link-name=\"in body link\">amount of floor space<\/a> the average private renter has is down 16% since the 90s \u2013 equivalent to a city the size of Nottingham. People rent dilapidated and hard-to-heat homes because they have no choice \u2013 with too few properties meaning no competition between landlords to up their game.<\/p>\n<p class=\"dcr-fya6vl\">Developers, unsurprisingly, market everything they build as \u201cluxury\u201d, which leads many to say, rightly, that we need more social housing (on which the Welsh government has made more progress than in England since 2010) but others to argue, wrongly, that only the well-off benefit from building.<\/p>\n<p class=\"dcr-fya6vl\">In truth, richer households can always secure a decent home and it\u2019s too often the disadvantaged who lose out on there being too few homes. At the extreme, that includes the high numbers sleeping rough, including in Swansea despite the heroic efforts of local charities and the council.<\/p>\n<p class=\"dcr-fya6vl\"><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4890681\" data-link-name=\"in body link\">New research from Sweden<\/a>, using detailed data on people and their homes since 1990, has a wider lesson about who gains from building. Yes, those on higher incomes tend to move into new builds initially, but generally everyone enjoys bigger, better homes. And who is the floor space boost biggest for? Those on the lowest incomes. Building is an agenda for the many, not the few.<\/p>\n<figure data-spacefinder-role=\"inline\" data-spacefinder-type=\"model.dotcomrendering.pageElements.NewsletterSignupBlockElement\" class=\" dcr-173mewl\"><a data-ignore=\"global-link-styling\" href=\"#EmailSignup-skip-link-5\" class=\"dcr-jzxpee\">skip past newsletter promotion<\/a><\/p>\n<aside aria-label=\"newsletter promotion\" class=\"dcr-av5vqf\">\n<p class=\"dcr-1xjndtj\">Analysis and opinion on the week&#8217;s news and culture brought to you by the best Observer writers <\/p>\n<p><gu-island name=\"SecureSignup\" priority=\"feature\" deferuntil=\"visible\" props=\"{&quot;newsletterId&quot;:&quot;observed&quot;,&quot;successDescription&quot;:&quot;Analysis and opinion on the week's news and culture brought to you by the best Observer writers &quot;}\"\/><span class=\"dcr-1eusqlu\"><strong>Privacy Notice: <\/strong>Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our <a data-ignore=\"global-link-styling\" href=\"https:\/\/www.theguardian.com\/help\/privacy-policy\" rel=\"noreferrer\" class=\"dcr-1rjy2q9\">Privacy Policy<\/a>. We use Google reCaptcha to protect our website and the Google <a data-ignore=\"global-link-styling\" href=\"https:\/\/policies.google.com\/privacy\" rel=\"noreferrer\" class=\"dcr-1rjy2q9\">Privacy Policy<\/a> and <a data-ignore=\"global-link-styling\" href=\"https:\/\/policies.google.com\/terms\" rel=\"noreferrer\" class=\"dcr-1rjy2q9\">Terms of Service<\/a> apply.<\/span><\/aside>\n<p id=\"EmailSignup-skip-link-5\" tabindex=\"0\" aria-label=\"after newsletter promotion\" role=\"note\" class=\"dcr-jzxpee\">after newsletter promotion<\/p>\n<\/figure>\n<footer class=\"dcr-fya6vl\">\n<p class=\"dcr-fya6vl\"><em><span data-dcr-style=\"bullet\"\/> <\/em>Torsten Bell is Labour MP for Swansea West and author of <em>Great Britain? How We Get Our Future Back<\/em><\/p>\n<\/footer>\n<\/div>\n<p><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block; text-align:center;\"\r\n     data-ad-layout=\"in-article\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-client=\"ca-pub-8162386273903324\"\r\n     data-ad-slot=\"7859258044\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><a href=\"https:\/\/www.theguardian.com\/commentisfree\/article\/2024\/aug\/04\/housebuilding-is-a-route-to-bigger-better-homes-for-all-not-just-the-rich\">READ SOURCE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>One of the reasons I support building more homes is it will help bring down housing costs if we keep at it. Government research finds a 1% increase in housing stock drives a 2%\u00a0fall in house prices or rents \u2013 remember, housing costs for the average family have doubled from 9% to 17% of income [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1338146,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_oct_exclude_from_cache":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-1338145","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Housebuilding is a route to bigger, better homes for all, not just the rich | Torsten Bell - Business Telegraph<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.theguardian.com\/commentisfree\/article\/2024\/aug\/04\/housebuilding-is-a-route-to-bigger-better-homes-for-all-not-just-the-rich\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Housebuilding is a route to bigger, better homes for all, not just the rich | Torsten Bell - Business Telegraph\" \/>\n<meta property=\"og:description\" content=\"One of the reasons I support building more homes is it will help bring down housing costs if we keep at it. 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