UK Housing Market Is Dysfunctional

The UK housing market is "dysfunctional" and building more homes will fail to solve the problem on its own, a key industry figure has said. Bob Pannell, chief economist of the Council of Mortgage Lenders (CML), said that activity in the market was "sluggish". He argues that sales levels were the same as in the mid-1990s. At that time, many people were facing negative equity and the stock of homes was much smaller, he said. Reforming areas such as property tax would help, Mr Pannell said, alongside building more properties. Read more on the CML website.