It is more than supply and demand.
Look at the willingness of banks to lend money. Often too much, to people who cannot afford it.
Blair and Brown rocketed house prices from about 2001-2007. They removed housing from the official inflation measures, so claimed we could keep rates low. The UK economy looked marvellous as people with houses were borrowing money against them to spend on nonsense.
I never understood why housing should need to be provided by the state. Surely. private rents could cover this? Of course, another crime of the last 30 years is housing benefit (now LHA) which also inflates rent and house prices.
I wish prices would divide by, say, five overnight. Then my kids might be able to buy one.
Big mortgages are silly... It would be better for all to enjoy the money!
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