It’s tempting to think home prices are soaring because there aren’t enough homes.
But that can’t explain the sudden take-off from about the year 2000, the sudden take-off from about 2013, and again now — against expectations — the stratospheric take-off in the wake of the COVID recession.
That’s 12 per cent of our houses and apartments empty — used as holiday homes and second homes, or waiting for tenants.
If there really weren’t enough homes for people who wanted them, it would be more than property prices soaring; it would be rents.
Instead, overall rents have been barely moving – growing…