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Housing market crash warning

There is a significant danger of a housing market crash economist Roger Bootle of Capital Economics has told the Building Societies Association Conference in Bournemouth.

The former adviser to Kenneth Clarke warned that the current growth in house prices of 15 to 16 per cent per annum is higher than in the 1990s though not as high as the peaks in the 1970s and 1980s. But he warned that London is close the late 1980s peak, intensified by earnings being extremely unlikely to increase as much as prices.

He said: “London is facing something of the same phenomenon as the late 1980s which is giving cause for concern.”

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