UK house prices: Market is heading for a crash | Mail Online
Hometrack, a property analytics business, recently reported a 0.2% increase in British house prices, the first such rise in 20 months. The company’s peculiar response to that unimpressive piece of data is that prices will continue to hold firm in the coming months, though, in a brief spasm of honesty, the company goes far enough to admit that the market is not ‘yet firing on all cylinders’.
Indeed. As a matter of fact, the housing market is currently firing on just one cylinder – and one that will have to be withdrawn in due course, as unfit for further service.
More of that in a moment, but first, as ever, the facts. During the property boom of the late 80s, the average British house price passed through the £60,000 barrier for the first time. Because that level was unsustainable – justified by neither average incomes nor rent levels – it wasn’t sustained. Prices collapsed and didn’t recover that level until the end of the 1990s.
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