September 1, 2021 - 11:42am
According to the latest Nationwide figures, house prices went up by 2% in August. That’s something like a £5,000 increase in the ‘value’ of an average dwelling. In just one month. In the dead of summer. And Covid isn’t over yet.
But perhaps this is just a bounce-back effect. Doom-laden predictions about the slowdown of the post-pandemic economy have been proven wrong (at least so far). The entire economy is now recovering from an almighty shock, so we can expect all sorts of sudden rebounds. However, the trend in the level of house price inflation is upwards across the whole period of the pandemic.
Instant Info – Nationwide House Price Index pic.twitter.com/OCwj3jWMsl
— BuiltPlace (@BuiltPlace) September 1, 2021
In the five years immediately before Covid, the trend was heading gently downwards, getting closer to reaching some price stability. A period of zero house price inflation (i.e. no increase in prices) would have been a much needed change in the market, allowing for more people to have a fighting chance to raise a deposit and get a foot on the property ladder.
Instead, we’ve seen prices rocketing up again. To say this is contrary to expectations is putting it mildly. Last year, the Government was so worried about the property market crashing that they slashed stamp duty rates. There’s been no duty at all to pay on the first £500,000 of a purchase.
So, did Rishi Sunak’s tax holiday cause all of this? Or did the pandemic unleash inflationary forces that would, at least in part, have happened anyway? A report, last month, from the Resolution Foundation strongly suggests the latter. Indeed, with the pandemic bringing about profound changes in our economic geography, we’ve seen knock-on effects on property markets around the world. And needless to say, the financial sector has been piling in on the speculative opportunities.
However, that doesn’t get the Chancellor off the hook. Indeed, it looks like he’s just blown at least £4.7 billion on cutting a tax that clearly didn’t need cutting. And because this will have added to the inflationary mix, there’s no benefit to buyers. Instead, the gains are captured by those who make money out of property transactions — i.e. the already wealthy.
In a sane world, Rishi Sunak would be pilloried for this error — but instead he continues on as the most popular politician in the country, even higher than Boris Johnson.
How long can it last? One day, perhaps quite soon, voters will wake up to what uncontrolled property speculation does to a country. If the Chancellor doesn’t want to be buried by this revolution he should think about leading it.
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SubscribeI don’t know about the details here, but it’s refreshing to read a positive piece on UK politics for once.
He is a blood thirsty NeoCon vampire pushing to destroy Ukraine as Boris’s mini-me. Try some youtube of Alexander Mercouris on the Disaster of the Proxy War in Ukraine whereby USA and UK destroyed an entire nation and people in their political and corruption games.
At the end of this Excellent analysis of the Ukraine Disaster of an offensive, Mercouris gives a rundown on how this million dead and nation wrecked is basically Boris Johnson’s doing.
It is a MUST WATCH – all of it ideally, the 15 minutes before the Johnson part is great too, but to just hear of Boris, Sunak’s Mega-me, go to minute 1:08. Listen to ”This extraordinary petulant MP…” talk of Alexander’s – you know he would love to really say of the utter EVIL of Boris – and the olympic swimming Pools of blood he has caused to flow – but he has a good say without getting as furious as I would – summing up this demon of a man.
https://www.youtube.com/watch?v=WiD20aVoekQ
minute 1:08 for Boris…… who Sunic fallowed as a running dog….
and Sunak – he has dipped his toes very deep in this pool of blood too. Evil War, caused by Evil men – and Sunak is one of them!
Evil, Evil, Evil men, and Biden and his circle are as culpable – warmongers!!!!!!!!! Lovers of Death and Money.
He is a blood thirsty NeoCon vampire pushing to destroy Ukraine as Boris’s mini-me. Try some youtube of Alexander Mercouris on the Disaster of the Proxy War in Ukraine whereby USA and UK destroyed an entire nation and people in their political and corruption games.
At the end of this Excellent analysis of the Ukraine Disaster of an offensive, Mercouris gives a rundown on how this million dead and nation wrecked is basically Boris Johnson’s doing.
It is a MUST WATCH – all of it ideally, the 15 minutes before the Johnson part is great too, but to just hear of Boris, Sunak’s Mega-me, go to minute 1:08. Listen to ”This extraordinary petulant MP…” talk of Alexander’s – you know he would love to really say of the utter EVIL of Boris – and the olympic swimming Pools of blood he has caused to flow – but he has a good say without getting as furious as I would – summing up this demon of a man.
https://www.youtube.com/watch?v=WiD20aVoekQ
minute 1:08 for Boris…… who Sunic fallowed as a running dog….
and Sunak – he has dipped his toes very deep in this pool of blood too. Evil War, caused by Evil men – and Sunak is one of them!
Evil, Evil, Evil men, and Biden and his circle are as culpable – warmongers!!!!!!!!! Lovers of Death and Money.
I don’t know about the details here, but it’s refreshing to read a positive piece on UK politics for once.
Better to make a sandwich and succeed, than to make a banquet and fail.
Better to make a sandwich and succeed, than to make a banquet and fail.
It’s quaint that Aris thinks Sunak is deciding any of this. The Foreign Office are passively waiting for a PM to give them guidance and instruction? Hmm.
The reality is the elected Ministers get told what the brief is – irrespective of whatever manifesto they were elected on – by the Permanent Secretary. The civil service is either left to continue in peace or it will make trouble for its Minister.
Sunak is particularly weak in allowing his speeches to be entirely written by the servants he is supposed to be leading. He is not even reading aloud his own words. Actor or puppet, but not leader.
It’s quaint that Aris thinks Sunak is deciding any of this. The Foreign Office are passively waiting for a PM to give them guidance and instruction? Hmm.
The reality is the elected Ministers get told what the brief is – irrespective of whatever manifesto they were elected on – by the Permanent Secretary. The civil service is either left to continue in peace or it will make trouble for its Minister.
Sunak is particularly weak in allowing his speeches to be entirely written by the servants he is supposed to be leading. He is not even reading aloud his own words. Actor or puppet, but not leader.
I’m no fan of the Tories (I prefer conservatives to be conservative) in general these days, but I respect Sunak. Good to see brains, rationality and hard work in the top job instead of the recent burlesque.
I’m no fan of the Tories (I prefer conservatives to be conservative) in general these days, but I respect Sunak. Good to see brains, rationality and hard work in the top job instead of the recent burlesque.
One wonders in which direction Labour might take us in the coming decade. Thankfully a CCP tilt isn’t on the cards since Corbyn left but will a pragmatic foreign policy be followed under Starmer or will we get something else? I notice our relationship with Ireland is closer than ever (another nail in the remainiac coffin). This sort of deal would have been unthinkable even eighten months ago.
Our relationship with Ireland isn’t closer than ever MG but it is much better than a year ago.
Since independence when could we conveivably had a military agreement with them? The prominence of Irish politicians coming out for the Queen’s funeral was particularly moving, again not something I thought I would see.
Since independence when could we conveivably had a military agreement with them? The prominence of Irish politicians coming out for the Queen’s funeral was particularly moving, again not something I thought I would see.
Our relationship with Ireland isn’t closer than ever MG but it is much better than a year ago.
One wonders in which direction Labour might take us in the coming decade. Thankfully a CCP tilt isn’t on the cards since Corbyn left but will a pragmatic foreign policy be followed under Starmer or will we get something else? I notice our relationship with Ireland is closer than ever (another nail in the remainiac coffin). This sort of deal would have been unthinkable even eighten months ago.
“Rishi Sunak deserves praise for his foreign policy”
I didn’t know he had one – Just soundbites for the media.
Do ‘we’ still have a Foreign Policy?
Surely that is decided in the White House.
Do ‘we’ still have a Foreign Policy?
Surely that is decided in the White House.
“Rishi Sunak deserves praise for his foreign policy”
I didn’t know he had one – Just soundbites for the media.
Yep some sensible pragmatism and realism after a few years where we lost our bearings whilst suffering from Brexit fuelled intoxication. We are weaker but Sunak beginning to make the most of that hand and we still have many strengths.
Not sure when the Author wrote the Article though but it does seem to underplay the recent agreement with US won’t have been struck by our Atlantic partner to allow us to sit passively neutral in any coming engagement, hot or cold, with China. AUKUS prevents that being an option too. We’ve chosen our side, been given the prize of warm photo-op in the Oval office and a mutual Declaration, but you can bet our cousins expect us to line up with them when required.
JW – not sure about the rest of us, but I’d say you’re still suffering from “Brexit intoxication” – certainly some Brexit-related derangement. You just can’t let it go, can you ?
JW – not sure about the rest of us, but I’d say you’re still suffering from “Brexit intoxication” – certainly some Brexit-related derangement. You just can’t let it go, can you ?
Yep some sensible pragmatism and realism after a few years where we lost our bearings whilst suffering from Brexit fuelled intoxication. We are weaker but Sunak beginning to make the most of that hand and we still have many strengths.
Not sure when the Author wrote the Article though but it does seem to underplay the recent agreement with US won’t have been struck by our Atlantic partner to allow us to sit passively neutral in any coming engagement, hot or cold, with China. AUKUS prevents that being an option too. We’ve chosen our side, been given the prize of warm photo-op in the Oval office and a mutual Declaration, but you can bet our cousins expect us to line up with them when required.