![]() House prices rise much faster than wages, which means that houses become less and less affordable. ![]() During the period in question the amount of money banks created through mortgage lending more than quadrupled! This lending was a major driver of the massive increase in house prices. A major cause of the rise was that banks have the ability to create money every time they make a loan. Many people think this is because there were not enough houses around, but that is only part of the picture. In the ten years up to the start of the financial crisis, house prices tripled. Banks created hundreds of billions of pounds and put it into property
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