A familiar UK recovery led by a property boom and debt-fuelled consumption does not qualify as ‘building back better’
The average house price, according to the Nationwide building society, rose by £6,000 in April, or £200 a day. In the course of the month, the cost of property increased by 2.1% – the highest one-month jump since 2004.
Everywhere there are signs of boom conditions: buyers putting in offers without even seeing the property they are after; agents asking for best and final offers well in excess of the asking price; lenders trying to compensate for spiralling prices by offering cheaper home-loan rates and easier terms.
