Star comment: All eyes on the property market
The state of the property market is a key indicator of the British economy.
It is subject to ups and downs, as prices rise and fall, though generally the trend is for those who own property to become increasingly wealthy.
Property has been a good bet for investors for many decades, and beyond its importance as an economic indicator, it is also hugely important to individuals.
For most people, a home is the most expensive purchase they will ever make. People naturally follow the movement of property prices, as they see their own fortunes rise or fall.
There have been turbulent times in the property market of late. After years of rising prices the market was shocked by Liz Truss’s mini budget, which knocked tens of billions off the economy. As Rishi Sunak and Jeremy Hunt have sought to repair the damage, alongside efforts made by the Bank of England, interest rates have spiralled.