LONDON (Reuters) – Britain’s housing market is “on fire” thanks to a combination of government incentives for buyers, more demand from households with more savings after the COVID lockdowns, and a lack of homes for sale, Bank of England Chief Economist Andy Haldane said.
“As things stand, the housing market in the UK is on fire,” Haldane said in remarks to a webinar on inequality organised by the University of Glasgow on Tuesday.
He said the recent rise in house prices – which topped 10% over the 12 months to March, according to official data – was very likely to worsen pre-existing wealth inequalities.
Writing by William Schomberg; editing by Michael Holden
