There are, of course, many people struggling with their mortgage repayments. There are first-time buyers who have been especially hard hit, but also the buy-to-let investors who fooled themselves into thinking that ultra-low interest rates would last indefinitely and have over-borrowed.
Few will feel a lot of sympathy for the latter group, many of whom have been forced to sell up, according to anecdotal evidence. But their plight shouldn’t distract from the fact that, for all the talk of a house price crash, property has not been a bad investment over the past twelve months.
This morning, the Office for National Statistics (ONS) published its two monthly indices, on house prices and residential rents. They show that in the twelve months to May 2023 the average house price rose by 1.9 per cent. In the 12 months to June, average rents rose by 5.1 per cent. In London, the rise in rents was slightly higher – at 5.3
Britain’s best politics newsletters
You get two free articles each week when you sign up to The Spectator’s emails.
Already a subscriber? Log in
Comments
Join the debate for just $5 for 3 months
Be part of the conversation with other Spectator readers by getting your first three months for $5.
UNLOCK ACCESS Just $5 for 3 monthsAlready a subscriber? Log in