With Bank of England’s interest rates at virtually zero since the 2008 debacle, flipping property in and around London has become common as prices have soared. Cheap mortgages pushed prices incredibly high, but income has now leveled off. Add to that the looming threat of raised interest rates. So Britons are saying to this bubble-shaped economy fool me once, shame on you, fool me twice, shame on me. Or as rock legends The Who put it so eloquently: Won’t Get Fooled Again.
So, as The Telegraph reports, UK homeowners are starting to sell–The Telegraph calls it a “panic sell.” Data from the Halifax Housing Market Confidence Tracker show “selling is rising as fears grow that property values could reverse after a period of frenzied house price growth.” The highest housing prices since 2008 just turned from a feel good moment to a cause for alarm.