Rate hikes have not - yet - countered Britain’s supply shortage of houses, especially tight in London and the South East.
The average house now costs £15,046 more than it did a year ago, and has gained in value by £41 a day.
Mortgage figures from the Bank of England yesterday, showing approvals at a three-year high last month, suggest further momentum waits in the wings.
The contrast with the US is stark, and it is possible that a property-led US slowdown could dampen the UK housing market.
But the prospect of recession in the world’s largest economy would be a high price for Britain’s struggling first-time buyers to pay to get a foot on the property ladder.
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Better, perhaps, to wish for freer UK planning laws – though many think that would be a hope built on sand.