Housing market on fire

Haldane: UK housing market is “on fire”The Bank of England’s chief economist Andy Haldane has said the UK’s housing market is “on fire” with the rise in prices likely to worsen pre-existing wealth inequalities. His comments come after figures from the Halifax revealed the average house price went up £3,000 in May, taking the average property price to a record high of £261,743. In the 12 months to May, the average house price has increased by £22,000. The price spike has been driven by the Government’s stamp duty holiday, reduced supply combined with increased demand from households with more savings after the lockdowns, Haldane said.