Nasty pockets of bubble

James Ferguson shocked a few readers at the MoneyWeek conference two weeks ago when he said that average house prices across the UK are no longer particularly overpriced – relative to household income, they are just about in line with historical averages.

That doesn’t mean they won’t fall if interest rates rise sharply. And it doesn’t mean that they won’t keep rising if the government continues to relentlessly fiddle national policy in their favour. It just means that it is no longer reasonable to refer to a UK-wide bubble.

We actually entirely agree with James on this one [...]

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