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UK house prices remain turbo-charged while sales that support market have fallen
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A buoyant private sector housing market is one of the key building blocks of economic activity. That’s the view inside the Treasury and nothing in the last 50 years – not the widening wealth gap, nor the risks that come with increasing dependency on an unstable asset market – has happened to shake that view.
After every recession, even when a property crash has been the cause, officials in No 11 dip into their toolkit of recovery measures and opt for a tried and trusted method to get the economy back on its feet.
Even more crudely, ministers use the incentive of higher house prices to kickstart what they really want to see, which is more transactions.
That’s why Rishi Sunak reacted to the pandemic by cutting stamp duty on house purchases to
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