More pundits are talking about house prices being too high. Which is revealing core sentiment. As a general statement it is true. But general statements about the English housing market are always wrong. Locations differ. Price bands appeal to different sections of buyers.
The fascinating question is, if home prices are generally too high for most buyers, where does this leave building land prices? Low or very low is the answer. Because land prices for building land are a super sensitive barometer of market sentiment. So here is a thought. The government nationalises all building land. At values set on the day the nationalisation announcement is made. Unless the land is built out within 3, or 5, or 7 years from announcement day.
With a depressed selling market for homes, a window of opportunity for the state exists. Which can be used without land owners being able to claim their legitimate interests have not been protected. Because their legitimate interest at the announcement date is the open market value of their asset, the land, which is measured by the value that day in accordance with the RICS Red Book.
An announcement on these lines will galvanise building activity in the short term, , and create exciting long term opportunities for local councils to take back control of building in their areas. Yes, there is lots of detail to be filled in, but as an immediate engine of change in the private sector it will be explosive. And if Kemi Badenoch sits on the sidelines, rather than committing to a policy reversal in three years time, the explosion will be even bigger. All with no cost.
Ian Campbell
23 July 2026
