It does not take much to get the British talking about house prices. If they are going up, we argue about whether it’s a bubble or not, and whether it is a threat to the economy. If they are going down, we fret about whether people are falling into negative equity. Even if they are going nowhere, we worry about why the market is flat.
But although we discuss overheating house prices obsessively, an important point is often overlooked. It is not just that our houses are too expensive, they are also too small, and, even worse, they’re [...]
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