BBC news at one:
“In London, house prices jumped 3% in April, to an average of £352,187. London’s annual change now stands at 5%, which is much stronger growth than that seen by any other region in England and Wales,” the Land Registry said.”
So the Tory boom and bust is coming. Hold on to your wallets. Land Registry figures showing a big increase in London is bad news for everyone. It means a boom and a bust is coming. The Tories had two huge boom and busts in the past: Black Monday ’87, when for the first time due to the 86 Big Bang individual householders became exposed to vagaries of worldwide markets, and Black Wednesday 92.
Ah! the voice of bitter experience. When I was 28, I bought a house in Reading in 1987, right at the peak. Oh dear.
A boom now will lead to bust because interest rates are far too low. Will we see a day like Black Wednesday, with Osborne desperately trying to save the pound by doubling interest rates every hour with inflation going out of control? I hope not, but I do worry because this is what the Tories do. They put money into the hands of the rich few to engineer a boom, and when the shit hits the fan they use interest rates to save their skins.