Misconceptions in the Current Housing Subsidy Debate

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Abstract
This paper examines the question of how best to define the housing subsidies received by households in various tenures. The unsettled nature of this issue is highlighted. Using current best estimates of subsidies, the paper seeks to identify the influence the housing finance system has had on the relative size of tenure sectors, and the distribution of households between these sectors. Conclusions concerning the fundamental objectives of housing policy in the U.K. are drawn from the manner in which the subsidy system appears to influence households, tenure preferences and opportunities. The importance is stressed of debating the desirability of these objectives explicitly rather than allowing them to remain obscured by continued analysis of the housing system in a fragmented fashion.

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