Britain's property boom could be over for good and homeowners should no longer rely on their houses to fund retirement, housing minister Grant Shapps has warned.
He said ministers were hoping to engineer an era of ‘house price stability' in which property values would gradually be eroded by rising earnings, the Daily Mail reports. Shapps suggested in a ‘rational' market, house prices might rise by 2% while earnings rose by 4%, making property more affordable over time. The Government is trying to encourage councils and developers to build more homes to help make it easier for first-time buyers to get on the housing ladder. Shapps, a Conservative MP, said a fall in the real value of houses would ease the ‘horrendous' situation faced by milli...
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