House prices are falling in UK
The housing market is dead. Britain’s biggest mortgage lender, the Halifax, says that prices fell in April by 3.1%, the biggest monthly drop in almost eight years.
Newspapers bury this disastrous news way back in their editions for fear that it will spread gloom and despondency.
We need to wean ourselves off this way of thinking. Falling house prices are not disastrous, and only in a country with such a perverted relationship with bricks and mortar could they be seen as such.
In Germany, they scratch their heads in bemusement when they hear Britons boast of how the value of their house has soared.
The Germans are right. Ever-rising house prices are a curse. They are bad for social mobility. They are bad for young people. And they are bad for the economy. The billi...