Paul Cheshire, emeritus professor of economic geography at the London School of Economics, told Building: “There’s likely to be a downward correction of house prices, primarily because of decline in real incomes and the fact that the planning world and indeed the building world tend to act as if what determined demand for housing was household numbers and population.

“But that has quite amazingly little to do with demand, which is mainly determined in the long term by incomes,” he added.

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