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In the UK, house prices have shrugged off both the credit crunch and the longest recession on record. After a blip in 2007-08, house prices are at record levels. It means that UK house prices are relatively very expensive; UK house price to earning ratios are amongst the highest in the developed world. Unfortunately, there are many problems with expensive house prices – it creates a nation of winners and losers – between those who own a house and those who are renting. There has been a sharp rise in wealth/income inequality- with the unpropertied facing higher housing costs and a decline in living standards. High house prices also threaten geographical mobility and have led to labour shortages in housing hotspots like London.
Read full article » https://www.economicshelp.org/blog/2197/housing/rising-house-prices/
About | Economics Help |
This blog is written by Tejvan Pettinger. (born 1976)
He lives in Oxford where he works as an Economics teacher (A Level students) at Greenes College and formerly with Cherwell College, Oxford. Tejvan Pettinger studied PPE at Lady Margaret Hall, Oxford University, gaining a 2:1.
He contributes articles to the Economic Review and writes regularly on economics.
Between 2001 and 2006 he worked as examiner and Team Leader for Edexcel examinations.