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Britain’s prolonged house price boom, described on Wednesday by market analysts as “gravity-defying”, shows little sign of letting up. According to data released from Nationwide, average property values rose by 0.9% in November alone.

Since the first lockdown in March 2020, they have risen by almost 15%, driven by booming demand, limited supply and pandemic-related lifestyle changes. Shelter has estimated that the average first-time buyer in England will require a dauntingly high household income to raise a deposit.

Adding fuel to the fire, successive Conservative governments have sought to make the housing ladder more accessible through help-to-buy schemes, which have contributed to the surge in prices.

But for the millions of Britons who will never come close to earning enough money to own a home, insecure rented accommodation has become a way of life. As the supply of social housing has steadily dwindled, their interests have been grievously neglected.

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source: The Guardian
published: 1 December 2021

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