Property Boom!!

[smiley]

Is there anyone out there who remembers the property boom (1988 ---1990) around late 80's early 90's

Do you remember what the years was that everything went haywire and houses shot through the roof??

 

[MikeP]

The market was certainly growing in the years to 1987, but in the March 1988 budget "double MIRAS" was abolished with effect from August 1988. This led to a buying frenzy with people literally buying anything in order to secure double MIRAS. This was a quirk of the legislation, and only available to two or more people buying a property who were NOT married to each other. It meant that married people were worse off than a couple living together, so they changed the rules.

The peak was unsurprisingly in the middle of 1988, but 1989 was fairly strong too. By late 1989/early 1990 the market was falling, and it hit rock bottom around 1993 to 1995. It grew slowly until 2000/2001 and then went a bit mad until 2004.

The value of MIRAS was dimished from 1991 onwards, and finally abolished from 6 April 2000.