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Notes -
House prices and number of houses aren’t really as correlated as most people think. Look at the Chinese housing boom for example. Look at New Zealand. Look at the US - where housing prices collapsed in the Sun Belt in 2008/2009 by 50% in many places like Arizona even as the population broadly rose (yes, there was a very brief fall in 2009, but that was after the crash and the population returned to growth long before house prices recovered). In New Zealand, property prices have collapsed recently despite continued population growth. In Seoul in South Korea, house prices doubled between 2015 and 2022, even though the overall population of the city actually fell (according to many estimates) or at least stagnated. China spent many years building housing as if its population was growing at a tfr of 3, and yet prices continued to go up, up, up even as urbanization started to slowly turn the corner and birth rates plummeted (both objectively bad for house price speculation if you think the central driver of prices is demand). Here in London, prices in many desirable neighborhoods have fallen by ~20% in nominal terms in the last couple of years, even though the population continues to rise and unemployment remains low.
There are individual reasons for all of this, and you can handwave each singular datapoint, but the overall dynamic is harder to avoid - the reason houses are cheap in some places and expensive in others usually has very little to do with how many houses are available or even how much money people have except in some time-limited sudden dislocation events. It’s much more about culture, like stock market valuations (the same sector with the same margins in two countries of similar stability trading at vastly different multiples, for example, can be handwaved by talking about liquidity or local investment dynamics or blah blah, but really, it’s because in some countries people believe that stonks always go up, so they do, and in others they don’t, so they don’t).
The housing market has not magically found a way around supply and demand.
What happened in the US in 2008/2009 was destruction of demand through the end of cheap and easy loans.
The loss of cheap loans is also a very large part of current affordability issues.
Yes, but the contrast was much greater in 2008/2009. We're not talking going from 3% to 6% (in fact, 30-year-fixed interest rates actually dropped), we're talking entire classes of (very bad) loans essentially disappeared. No income, no job, no down payment? No house for you!
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Didn't that happen partly because a bunch of new houses were built?
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