> One important effect has been on the interests and aspirations of the electorate: the last thirty years have witnessed an expansion in the number of voters who have a vested interest in the buoyancy of the housing market, and a marked decline in the constituency of voters with an interest in social housing
> This has triggered a shift in political attitudes on issues of housing and resulted in a much greater focus on meeting homeowners’ aspirations. Overall these factors represent a profound shift in the way that land and property has been perceived in British society.
> Whereas 100 years ago houses were mostly regarded as simply somewhere to live, today homeownership is promoted as an investment opportunity which offers long-term financial security in the face of stagnating wages, dwindling pensions and reduced state welfare provision. To politicians and much of the general public alike, houses are no longer perceived as universal consumption goods but rather as vehicles for accumulating wealth.
> Homeownership has become perceived by many as ‘the essential step to obtain membership of an expanding middle class for whom housing equity was pivotal in a broader lifestyle of credit based and housing equity fuelled consumption’ (Forrest et al., 1999). [...] underpinning this has been a deregulation and liberalisation of the financial sector and a rapid increase in income and wealth inequalities.
> This marks the final major shift in land’s economic significance, as high levels of owner-occupation, a deregulated housing finance system and growing inequalities have combined to create a system of ‘residential capitalism’ (Schwartz and Seabrooke, 2008). In turn, the political dominance of homeowners – both in national elections and in local planning decisions – has ensured that their interests have been protected and subsidised by government policy (Keohane and Broughton, 2013).
For the avoidance of doubt, I don't think this is a desirable or sustainable situation. I just thought it was helpful to expand on the contributing factors.
