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House price growth is at 2007 crisis levels, but that s where the similarities end
Banks are far more resilient today, though rising inflation is still a risk to our finances
21 May 2021 • 5:00am
This time it’s different. The most dangerous four words in the financial world, according to Sir John Templeton, the legendary investor. But when it comes to the housing market, this time it really is different – at least to the 2007/08 financial crisis with which comparisons are increasingly being drawn.
The first I knew about the financial crisis was a letter arriving at my halls of residence from NatWest informing me that it was rescinding my student credit card. I was to settle the balance “as soon as possible”. If banks are worried about a piddly £400 credit limit, things must really be bad, I remember thinking, before turning to order another Snakebite from the student union bar using my £3,000 interest-free overdraft.
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The shocking memory of clambering back on to the UK housing ladder in 1989, after a decade living in Washington, is as vivid today as it was then.
Even though I was lucky enough to have a decent deposit for a new home, the cheapest mortgage I could find was at a savage 12.75 per cent interest rate.
These were the final days of Margaret Thatcher’s premiership and a prolonged consumer boom, with surging wages and rising oil prices as a result of the Iran-Iraq war, had sent retail prices soaring in Britain.
Inflation hit an eye-watering 7.78 per cent that year, peaking 12 months later at 9.46 per cent which forced the Bank of England to slam on the economic brakes by raising interest rates to 14.8 per cent, beggaring individuals and businesses alike.
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