I’ve heard several more anecdotal stories of the current frozen housing market. Those that don’t need to move will generally just shelve it if their property won’t sell for what they think it’s worth and the ladder stays just as unaffordable for those trying to climb on.
More worryingly, we heard this week that housebuilders, those tasked with supplying the hundreds of thousands of new homes needed to ensure supply meets demand, are posting profit warnings at levels close to those in the last mega-property crash in 2008.
Things are very different now, of course, and there’s been no sudden shrinkage of easy finance as there was in the banking crisis. All the noises from all shades of government are still go-go build-build; but if they can’t shift what they’ve already built, because the top-end is log-jammed then changes are needed.
Which, if they come, will not suit everybody.
