This housing hysteria can only end in a painful national hangover

When this madness ends – and leaves an inevitably painful national hangover – is a guessing game. But something is going to have to give, because it is socially – never mind economically – unsustainable. Thirty years ago, a first-time buyer needed 12% of their income for a deposit, but it is now up to more than 80%. Those snapping up properties tend to come from homes affluent enough to support them: indeed, two-thirds of first-time buyers now have to rely on their parents. According to HSBC research, 57% of Britons aged between 25 and 36 do not own a home, and a quarter of those never expect to.

Read more: The Guardian