A report by Christine Whitehead, LSE London and Tony Crook, The University of Sheffield, with Kath Scanlon, LSE London.

The document is a comprehensive study titled “A Road Map to a Coherent Housing Policy,” commissioned by the Family Building Society and authored by Professor Christine Whitehead (London School of Economics), Professor Tony Crook (University of Sheffield), and Kath Scanlon (LSE). Published in January 2024, it presents a detailed analysis of England’s housing system, identifying shortcomings in policy coherence, consistency, and sustainability, and proposing a structured roadmap for reform.

The Family Building Society, a UK‑based mortgage lender, commissioned the research to inform policy discourse. The authors bring decades of academic expertise in housing economics and urban planning. Their analysis draws on extensive data, including household surveys, housing stock statistics, and fiscal information, to assess the effectiveness of current policies and to suggest evidence‑based solutions.

• England’s existing housing stock exceeds 99 % of all dwellings; net new homes added in 2022 amounted to roughly 240 000, representing less than 1 % of the total stock.
• The vacancy rate stands at under 3 %, one of the lowest among developed economies, limiting household formation and mobility.
• Approximately 300 000 new homes per year are targeted, yet annual completions have consistently fallen short of this goal.
• Over 25 % of households are elderly, with 75 % of older owners possessing outright ownership, yet many live in oversized or unsuitable homes.
• Second‑home ownership and short‑term lettings reduce the effective supply for primary residences, especially in tourist regions.
• Housing affordability pressures are evident: private renters spend about 25 % of income on rent, while social tenants spend around 15 %.

The authors emphasize that improving the use of the existing housing stock is the most sustainable short‑term strategy, given its dominance (≈99 %). They propose incentives for downsizing, reforms to Stamp Duty Land Tax (SDLT) for older sellers, and tax adjustments on second homes to promote more efficient allocation of dwellings. Enhancing energy efficiency in the existing stock is also highlighted as a climate‑friendly priority.

• Waive SDLT for downsizing “elderly” households to stimulate market turnover.
• Increase SDLT and council‑tax rates on second homes, channeling revenues into affordable housing.
• Require planning permission for conversion of homes to short‑term lettings in designated hotspots.
• Align council‑tax bands with current property values to generate additional local revenue for housing services.
• Strengthen local plan coverage to identify sites for new, right‑sized homes and to ensure mandatory inclusion of housing targets.

• Reform the planning obligations system (S106/CIL) to simplify contributions for affordable housing and infrastructure, avoiding the proposed Infrastructure Levy’s complexity.
• Introduce a progressive, housing‑value‑based tax system to replace SDLT, ensuring fairness and supporting long‑term sustainability.
• Expand shared‑ownership and “First Homes” schemes, offering up to 30–50 % discounts for key workers and first‑time buyers.
• Develop longer‑term fixed‑rate mortgage products to reduce market volatility and support homeownership stability.
• Reassess the national target of 300 000 net new homes, setting realistic, regionally calibrated goals that consider demographic trends and fiscal constraints.

The report calls for coordinated action across multiple government departments—housing, finance, work and pensions, health, and environment—to ensure policy coherence. It stresses the need for up‑to‑date, adopted local plans in all authorities, with clear housing targets and identified land. Enhanced data sharing and cross‑departmental committees are recommended to monitor progress and adjust policies responsively.

While focused on England, the analysis offers insights applicable across Europe: the critical role of existing stock optimisation, the impact of taxation on housing market dynamics, and the importance of aligning local and national planning frameworks. The emphasis on sustainable reuse of housing aligns with EU climate objectives, and the proposed fiscal tools provide models for other nations seeking to balance affordability, efficiency, and environmental goals.