Watch out for the cracks

Housing market - Watch out for the cracks

The boom has built upon itself, which is why it will not last

The past decade will be remembered not just for Mr Blair's domination of British politics but also for the most sustained housing boom in post-war history. After the slump of the early 1990s, the market turned in early 1996, a year before Labour won power. In the 11 years since then the average house price has risen by 240%, according to the Nationwide index; in real terms it has increased by 155%. In contrast, the big upturn in the 1980s lasted for seven years, and real house prices rose by 80%.