From a report commissioned by the Labour party as well.
Who would have thought it?
A lack of supply has not driven the rise in house prices and the fall in home ownership, the Redfern review, commissioned by the Labour party, finds. Instead, the main factors behind the rise in house prices over the last 20 years are increases in income and lower interest rates. More recently, low income levels among first-time buyers and a lack of mortgage availability have also played a part. Additional supply will not directly increase home ownership near term, the review said.