By 1989, the average UK house price had surged to 6.2 times average earnings from about four times just before the second world war. House prices had swelled because a 1947 law regulating building hampered supply and the financial deregulation of the 1980s created a lending frenzy amid a view that house prices, especially in London where the world flocked, could never fall.
Already a subscriber? Log in
Get 10 issues
for $20
Subscribe to The Spectator Australia today for the next 10 magazine issues, plus full online access, for just $20.
- Delivery of the weekly magazine
- Unlimited access to spectator.com.au and app
- Spectator podcasts and newsletters
- Full access to spectator.co.uk
Or
Unlock this article
You might disagree with half of it, but you’ll enjoy reading all of it. Try your first month for free, then just $2 a week for the remainder of your first year.
Comments
Don't miss out
Join the conversation with other Spectator Australia readers. Subscribe to leave a comment.
SUBSCRIBEAlready a subscriber? Log in