It’s no surprise that house prices have risen faster over the last year than they have in almost the last twenty. After all, everyone has realised what a difference a home can make: the extra space for a home office, a garden for fresh air or even just a quiet corner to escape the reality of lockdown. Not to mention a stamp duty holiday encouraging people to buy quickly. But the luxury of homeownership is slipping away for many young people.
While these increased house prices are a boon for those lucky enough to be on the housing ladder, it spells further disaster for those of us waiting impatiently on the sidelines. House prices have reached an almost record high, growing 13.4 per cent in the year to June. It’s not all down to Covid either. The surge in house prices reflects the ongoing mismatch between supply and demand in this country.
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