This is unsustainable. Our entire economy is about to collapse. If it doesn't start with the banks, it will certainly end there. Enjoy the hyper-inflation, lads.
This is more of a case of mortgage lenders not wanting to offer mortgage rates slightly above the 0.1% interest rate and they feel they will be taking the piss if their best rate was still 2.5%.
Get ready for the house price crash, engineered of course. Then the banks can mop up a great swath of the UK housing stock once negative equity hits coupled with the mass of job losses to come...
“Capital must protect itself in every possible way, both by combination and legislation. Debts must be collected, mortgages foreclosed as rapidly as possible.
“When, through process of law, the common people lose their homes, they will become more docile and more easily governed through the strong arm of the government applied by a central power of wealth under leading financiers.
“These truths are well known among our principal men, who are now engaged in forming an imperialism to govern the world.
“By dividing the voter through the political party system, we can get them to expend their energies in fighting for questions of no importance.
“It is thus, by discrete action, we can secure for ourselves that which has been so well planned and so successfully accomplished.”
Montagu Norman, Governor of The Bank Of England, addressing the United States Bankers’ Association, NYC 1924
who in their right mind would buy a house right now, sit back and bide your time because prices are going in one direction only