Sunday, January 16, 2022

With real estate prices rising, now is the time for real estate market reform

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ONEAnd the beat continues: another year and another 12 months of strong growth in UK house prices. Despite the impact of the Covid-19 pandemic on the economy, employment and people’s well-being, the housing market has continued to post anti-inflationary increases in value.

According to the Nationwide Building Society, the average home price in November was 10 percent higher than a year earlier. Measured on a rolling three-month basis, the 3.4 percent increase recorded by Halifax Bank in the same month was the strongest in 15 years.

Economic crises usually trigger sharp falls in prices as homeowners struggle to make their interest payments, as older readers will recall from the 2008 global financial crisis and the bursting of the housing bubble in the late 1980s. This time, the opposite happened in the wake of the coronavirus, when prices rose 7.3 percent in 2020 and are accelerating this year.

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