Why I Would Be Celebrating if Brexit Led to Lower House Prices

Britain’s dysfunctional housing market is causing major problems for the UK economy

by Jeremy Warner

Fitch, the credit rating agency, today warns that Brexit might lead to a 25pc correction in house prices, bringing them down to what Fitch believes is their long term “sustainable” level. I don’t mean to be irresponsible, but good; this would be very welcome.

There are few things likely to turn me into a Brexiteer, but the prospect of falling house prices might just do it, and I speak here as someone with some degree of housing wealth. A Treasury assessment of the short term consequences of Brexit, due to be published in the next week or so, is expected to focus heavily on this supposed bogey. But I wonder whether a sharp correction in the housing market is in fact the unarguable harm presumed, or even if it is true that Brexit would lead to such an outcome.

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