Average house prices have surged beyond the £1 million mark in almost 50 areas of the country, with Britain's economic recovery creating a new generation of property millionaires, a study shows.
The report, an authoritative analysis of sale values in England and Wales, identifies 43 locations where houses now sell for an average of more than £1 million, including several outside London.
It highlights how dozens of property hot spots have emerged not just in the South East, but also across the country, with average prices in areas of Buckinghamshire and Oxfordshire reaching more than £900,000.
In parts of Somerset, homes now sell for an average in excess of £800,000, while in several areas of the North and the Midlands, the average sale price is more than £500,000....
What kind of blowback should we prepare for? The lesson of history is that trying to force things to get better does not merely create unwelcome repercussions. It does not merely slow the pace of natural evolution. Attempts to enforce a certain outcome always appear to create the opposite effect. We do not find a law of adverse consequences. We find a law of opposite impacts.
Let us review the sample examples from the previous charts. Every effort to jam an ideology or a plan down the throat of the world only creates the opposite of the intended effect. I would maintain that this is one of the few lessons from history that can be relied on.
If the Federal Reserve is trying to force feed us prosperity then the inevitable blowback will be adversity. If the Fed is trying to compel the most dramatic economic recovery in history, then the blowback may well be the deepest depression in history. If the Fed is trying to enforce confidence and optimism then the blowback will be fear and despair. If the Fed is trying to force consumers to spend then the blowback will be a collapse in consumer confidence.
I sincerely hope that I am completely wrong here, that I am missing something, that there is a flaw in my logic. However until I can locate such a flaw I must trust the technical case for treating this Fed force-fed rally in the stock market as something that will end badly.
Here's how it plays out....
At the top, the only 3 countries in the world that DON'T use the metric system.
At the bottom, the only 22 countries in the world that the British haven't, at one time or another, invaded.
These two maps were plucked from 40 that will change how you see the world.