This report provides projections of housing demand in 2025. Not only does it project the overall volume of housing demand in England and its regions, it also looks at how demand might be distributed across different tenures under different economic scenarios: a good economic scenario, a bad scenario, and a worst-case ‘ugly’ scenario. The overall volume of housing demand is influenced by demographic and behavioural factors, such as migration, increased life expectancy, a greater propensity for people to live alone, and young adults delaying forming their own household. How this demand translates into tenure choices is affected by factors such as employment rates and real household incomes, the affordability of rents and owner occupation, interest rates, the availability of mortgages, and levels of confidence in the economy and housing market.