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Daily Mail columnist Andrew Alexander on the danger of loving property too much.
Every generation has its pet economic fallacies. One of ours is the importance of home ownership.
The fact this has declined is widely, warmly and foolishly agreed to be a bad sign. But it isn’t.
The home-ownership obsession is a massive hindrance to the mobility of labour.
If you rent, you can move. The importance of a flexible workforce is shown by the scattered pattern of unemployment in the six regions of the country, with rates ranging from less than 2 per cent to more than 10 per cent.
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