Debate House Prices
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Nationwide Jan: +0.5% MoM 0.0% YoY
Comments
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Maybe. The Tories seem to have introduced a series of laws that allow supply to react to demand. Hopefully, banks and builders can respond to rising prices by increasing the supply of houses rather than with the supply of mortgages.
As is always the case, rising house prices will eventually attract both more house building and additional funding for lending.
But the shortage is now so severe thanks to the crash/credit crunch ensuring a backlog of a million plus potential FTB-s on top of an existing 2007 shortage measured at a million houses, that whatever changes they have made to planning it will still nowhere near keep up with requirements.
Add to that population growth and the imminent demographic surge of FTB age people, bigger even than the boomer generation, and you have a recipe for rising prices that cannot really be contained.As ever, time will tell.
Indeed.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0
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