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If house prices fall, will the sky fall too?
14 May, 2021 05:00 PM
12 minutes to read
What would happen if house prices fell? Photo / Sylvie Whinray House prices were supposed to fall last year. Everybody said they would: almost all the economists and property people, the politicians and the business writers. Even while prices were rising faster than they had for decades, the commentators kept on saying it would soon come to an end.
For a moment, they were almost right. In May, the median house price fell 8.8 per cent: the largest fall in a single month for decades. But then prices surged again. By September they were rushing past the April peak and they just didn t stop.