If there is a British equivalent to the American Dream, it is buying a home to call your own, watching a bit of Changing Rooms or whatever, doing it up and then selling for a whopping fortune and buying a bigger one. Or, even better: buy a crappy one, rent it out to someone worse off than you and put the rent up beyond inflation.
We are a nation obsessed with property speculation. So it’s unsurprising that when it was reported last week that the Bank of England’s Governor Mark Carney had said ‘house prices would crash by a third in no-deal Brexit’ people (especially those who have bought recently at the top of the market) were rattled.
Friends texted me, my boyfriend texted me. “Are we going to go into negative equity?” they asked. “Is the value of our flat going to go down?”