“Downswings will become more violent, as well as the upswings,” said Mr Cheshire, as mortgages “are a huge part of the assets of banks, as well as a huge part of personal debt”.
Town planner David Rudlin, the winner of the Wolfson Economics Prize 2014 last week, has proposed extensions to double the size of 40 existing cities over the next 30 years.
Peter Dijkhuis, a director of property specialist CBRE, said that while there is a market for garden cities, the Government remains “too focused on them”.
“They’re not the solution, they’re part of the solution,” he said.
Nicholas Crafts, professor of economic history at the University of Warwick, argues that reform of UK’s planning system could provide a “boost to productivity”.
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