Land, Housing and the British Economy

Delivered by the most outstanding academics in the UK and beyond, the British Academy’s flagship Lecture programme showcases the very best scholarship in the humanities and social sciences. This event is part of the Keynes Lectures in Economics on modern history and politics, first delivered in 1971.

The UK’s housing market suffers from deep structural dysfunction, with the cost of land accounting for a far greater share of house prices than in most other developed economies.

This lecture explores the critical roles of land and finance in shaping the wider economy and driving the housing crisis.

To address these issues, it proposes a comprehensive reform agenda focused on capturing more of the uplift in land value for public benefit, significantly expanding the supply of high-quality social housing, and reforming the planning system to introduce more flexible and responsive land-use zoning.

Crucially, it also calls for replacing the outdated and regressive Council Tax with a Green Land Value Tax — a fairer, more transparent approach that aligns economic efficiency with environmental responsibility. Together, these reforms offer a pathway toward a more equitable, sustainable, and functional housing system

Speaker: Professor John Muellbauer FBA

John Muellbauer is known best for his work on household economics, housing markets and how the financial system affects the wider economy. Beginning in the late 1980s, he was one the first economists to focus on the many complex interactions between housing markets and the economy, and their policy implications.

Chair: Professor Alex Marsh, University of Bristol