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Housing Market: from boom to bust. For the past seven years housing market was growing very rapidly. This increase caused the rise of rent equilibrium, and a price increase. Thus over the past 12 months, house prices in Britain have increased by about 30 percent. London market is certainly over-valued. This also could be a result of rising building and land costs. Therefore demand for property became lower, and banks were trying to maintain the housing market stability by offering low interest rates on borrowing partly driven by competition. The almost stable low inflation rate allowed them to do so. Consequently, a lot of homeowners were willing to sell property at higher price, thus the supply has gone up but less people could afford to buy. So increase in house prices draw the buyers in and encouraged owners to increase debts. Nowadays, the inflation rate is growing, which leads to the increase...

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