The Great British Pyramid Scheme
Britain has built far more than a housing market. It has built an entire economic model upon ever-rising property values. As house prices soared, politicians congratulated themselves on “growth”, homeowners refinanced, banks expanded lending and the country consumed against paper wealth. But property prices cannot indefinitely outgrow purchasing power. Now, with transactions slowing and affordability breaking down, Britain is beginning to discover what happens when an economy built on asset inflation starts running out of road.