History suggests Britain’s house price surge could threaten hopes of post-Brexit export-powered growth, if finance minister Rishi Sunak uses the housing market to fuel the economy like his predecessors did.
Stoked by his tax break on property purchases and a pandemic-driven rush for larger houses as more people work from home, house prices are rising at the fastest annual rate – at 13.4% in June – since 2004, lender Nationwide says.
The housing market holds totemic importance in Britain as a driver of wealth. Adjusted for inflation, house prices in Britain have grown since 1980 by more than in almost any other advanced economy, according to the Bank of England.
To read the rest of the article, please visit here