Housing market

Millennials being squeezed out of middle class, says OECD | Business – Business Article

Millennials in advanced economies around the world are being squeezed out of the ranks of the middle class, including in Britain, as pay growth stalls and house prices skyrocket, according to the OECD. The Organisation for Economic Co-operation and Development (OECD) said that for every every generation since the baby boom of the 1940s, across 40 major countries, the middle-income group had shrunk and its economic influence weakened. The Paris-based organisation, which represents 36 wealthy nations around the world, but…

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Labour considers house price inflation target for Bank of England | Business – Business Article

The Bank of England could be set a target for house price inflation under plans being explored by the Labour party, with tougher powers to restrict mortgage lending to close the gap between property prices and average incomes. The shadow housing secretary, John Healey, is considering whether, under a Labour government, the Bank should be set an explicit target following a decade of runaway growth in the property market, with the aim of tackling the housing crisis. Under the proposals,…

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