The UK housing market’s real crisis is hysteria. Prices are booming: everyone panic! Prices are falling: everyone panic!

The UK housing market’s real crisis is hysteria. Prices are booming: everyone panic! Prices are falling: everyone panic!

Back to panic stations everyone. “London house prices set to fall,” cries the headline. Already they are down 2.9 per cent in Westminster and 2.7 per cent in Kensington and Chelsea since the start of the year. The market is off the boil. The bubble is over.

Now the bubble has burst and the wailing has changed its tune. We hear, “Our house has gone down two whole per cent in six months, and we’ve still got the Poles digging the basement.” Suddenly the trustafarians are victims of negative equity. What will the Government do to help? It surely feels our pain from over in Notting Hill.

Lack of supply and the insatiable demand for living  space in a popular city are the real problems

http://www.standard.co.uk/comment/comment/simon-jenkins-londons-housing-crisis-is-not-about-the-cost-of-homes-9543055.html

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