New Statesman - Why we must end the UK's addiction to property
They say an Englishman's home is his castle but the UK has a particular problem with our addiction to house price inflation. Before the crash, house prices trebled in the space of a decade. Great for those that bought at the right time but not for others.
As a nation, we are used to borrowing beyond our means. The UK mortgage market had the second highest loan-to-value ratio of any OECD country before the financial crisis. At a household level, first-time buyers who were offered 125 per cent mortgages and found themselves in negative equity following the crash. There are around a million people who owe more than their homes are now worth. UK households still have more mortgage debt, relative to their income, than households in any other major economy.
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