British housing minister Kris Hopkins believes that the increase in property prices in the UK will continue at least until 2018, reports ee24.com citing bloomberg.com.
"On house prices, we’re nowhere near peak at the moment and we’re not expected to go past that peak price... until around 2018," said Hopkins to BBC, stressing that he had in mind not only London, but also the rest of the country. Minister called "an issue" the growth in property prices in London, which is 9.1% a year vs less than 6% in other regions.
Hopkins considers increasing the volume of housing construction as the main way to reduce the growth of property prices and to prevent the housing bubble. According to him, there is a 31-percent increase (420,000 new houses since 2010) , but given the low starting level, this is still insufficient.
Recall that London Mayor Boris Johnson also supports the new construction instead of restrictions on the purchase for foreigners.