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Chinese whispers?

Posted by: katalysis

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In a recent speech Housing Minister Grant Shapps said that the now bust boom in property prices had been unsustainable and people need to get back to viewing their houses as homes rather than a pension pot. He implied that in future policy makers would act to damp down any further over exuberance in the market. He was, however, coy about what they would do. Well, maybe some hints can be found in the way in which the Chinese authorities are trying to damp down property price inflation over there which, according to Bloomberg, has seen price rises of more than 9% year on year. Aside from raising interest rates by 0.25% as a signal of intent the Chinese are introducing a property tax, banning loans for those looking to buy a third home and requiring first time buyers to put down a deposit of at least 30%. Will the Whitehall Mandarins take a leaf out of the Chinese book?
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