Only Brits obsessed with Real Estate?
Posted by jdavis on April 15, 2014
So, everyone knows that Brits are uniquely obsessed with property. It's the national passion after all. Practically, no other country has it as bad about property as we do.
The above shows the proportion of properties owner-occupied (blue) and rented (yellow/green), across the bulk of the EU.
The first thing you notice is that ALL the countries shown have high owner occupations.
Then if you look for the UK you might be surprised to find that only FOUR EU countries (5 including Germany, not shown) have owner occupations lower than us. And TWENTY THREE countries have owner occupations higher than that of the UK.
The UK is uniquely obsessed with property ownership that the media push down our throats month in month out? It's quite rubbish you know. Every country, where there has been a property boom, will have high owner occupations and a mania. It stands to reason. People, everywhere, jump on bandwagons.
Incidentally, after nearly 3 years of price stagnation in the UK, from late 2010 to early 2013 (during which we were decidedly bearish on property prices and the market), on the day after last year's Budget we said we expected prices to rise at least until the next General Election in May 2015 (see last year's Budget commentary). After that, well, if there is a global economic shock, and the UK enters a new Recession, all the policy makers can do for the economy is cut interest rates by c 0.5%. How will that help the economy and house prices? Not much or not at all is what we say...