Letter: Bad news: prices up
Tuesday 02 February 1999
House inflation only benefits estate agents and landowners. Everyone else suffers - first time buyers and those needing to move up the housing chain all see their dream house going out of their reach. It is a prime cause of general inflation, which in turn brings higher interest rates, making mortgages dearer.
But the most serious result, from my perspective as a local councillor grappling with how to accommodate vast numbers of new houses without destroying our beautiful countryside, is that inflation stokes up demand in a never- ending cycle, with everyone jumping on the bandwagon before the next rise, and we end up with an urban sprawl.
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