This is incredible, you could say snap to all your comments out here in NZ, houses selling immediately for way more than their valuation, huge material shortages, people borrowing way more, developers promising affordable options in the developments -then quietly forgetting about it as they go. At least you dont have the rampant urban spread that Auckland has yet... That is one of the endearing features of England to me -the green belts and sprinkling of villages, here we just have housing without break for miles with no community hub,
local pub or shops .Dont follow us...
I always found NZ the further south you went the more it tended to remind me of rural parts of England (although the topography could be very different) with small towns with little urban sprawl outside of the cities like Auckland, Wellington etc. And south Island in places felt absolutely deserted by comparison.
It will be interesting to see whether we go into another housing boom and bust, the key indicator historically for London was when the salary multiplier went above 7 x earnings. This time we have other factors in play WFH and the Chancellor has given a stamp duty break on house sales........but somehow I do get a feeling this is not all going to end well. We have seen much higher periods of rampant housing inflation in the 70's when in some areas house prices doubled every 2 years or so and that was against a backdrop of really high CPI inflation and high interest rates.
Anyone remember when interest rates on mortgages crept upto around 15% at their height.
