Britain seems unable, politically or otherwise, to wean itself from its addiction to property price gains. Exhibit A is the government’s Help to Buy scheme, under which the state subsidises mortgages by guaranteeing a portion to the bank, allowing borrowers to buy houses with as little as 5 per cent down. That’s active for new properties now and will shortly be allowed for existing homes. Sound like state-sponsored subprime lending to you? Nice for banks and older property owners who can cash out, but not so good for ordinary people trying to buy ordinary houses on ordinary salaries.

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