Britain is now in the midst of the worst housing slide since the Great Depression, economists declared after house price inflation dropped to the lowest level since comparable records began. Figures from Halifax, the UK’s biggest mortgage lender, showed house prices have fallen by 8.7pc in the year to June, confirming that the property crunch is more severe than the last housing crash in the early 1990s. Hours before, the Bank of England voted to leave rates unchanged at 5pc. Prof Goodhart, now at the London School of Economics, said: “Output is going to fall, unemployment is going to rise, possibly quite sharply. It’s a horrible situation. More
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