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There was a crash in house prices in the UK in the early nineties, which may be what OP is referring to. The govt increased interest rates up to 15% in '92 in a
by n4r9 5y ago
There was a crash in house prices in the UK in the early nineties, which may be what OP is referring to. The govt increased interest rates up to 15% in '92 in an attempt to protect the value of sterling, causing mortgages to default and house prices to fall.
- chrisseaton 5y agoThat's nothing to do with gazumping, which is still allowed in contracts. It's due to differences in the way law sees verbal and written contracts. https://en.wikipedia.org/wiki/Gazumping#England_and_Wales https://en.wikipedia.org/wiki/Gazumping#England_and_Wales
- ImprovedSilence 5y agoRight, but it explains why housing prices fell.
- nbevans 5y agoYes - to protect the value of sterling as part of a half-witted attempt at joining the Eurozone. A third of the UK either lost their jobs or even their homes in that recession. That is what created Brexit - a whole generation scarred by a hoodwink attempt at closer integration into the European project.
- n4r9 5y agoIt's simplistic to point the finger at a single cause. Some people will say that's their reason, others will talk about immigration or regulations. The migrant impact fund being scrapped after barely a year can also be seen as a significant contributor, for example.