NIMBYism is not unique, but the importance of house prices to the UK economy is more severe than other countries. - The UK has a very strong household wealth a

NIMBYism is not unique, but the importance of house prices to the UK economy is more severe than other countries. - The UK has a very strong household wealth affect (consumption is tied to house price growth / decline). The US and UK borrowers borrow at a rate against household wealth not seen in other nations (look at the chart on page 6 - https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1117.pdf https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1117.pdf) - It has had dramatic, sustained house price growth (400% real price growth since 1980) vs US (200%), France (200%), Germany (150%), Spain (Collapsed in 2008), Italy (Stagnant since 2008) Some Links: - https://www.bankofengland.co.uk/-/media/boe/files/working-paper/2019/uk-house-prices-and-three-decades-of-decline-in-the-risk-free-real-interest-rate.pdf https://www.bankofengland.co.uk/-/media/boe/files/working-pa... - https://www.imf.org/en/Publications/CR/Issues/2016/12/31/United-Kingdom-Selected-Issues-41795 https://www.imf.org/en/Publications/CR/Issues/2016/12/31/Uni...