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Strong UK housing demand might outlast tax incentives - BoE's Cunliffe

·1-min read
Bank of England Deputy Governor Jon Cunliffe speaks at the 'Future Forum 2017' event in St George's Hall, Liverpool

LONDON (Reuters) - The surge in housing demand in Britain since the coronavirus pandemic is likely to cool when government incentives are withdrawn but more persistent drivers might keep pressure on the market, a Bank of England policymaker said.

"There may also be some reasons to believe that the recent increase in demand for housing, and perhaps the composition of that demand ... reflects some more persistent drivers, and that the market will not fall back to its pre-pandemic decade performance when the tax incentives have gone," Jon Cunliffe, a deputy governor at the BoE, said in a speech to the Law Society.

He said that in the 10 years after the 2008-09 global financial crisis, British house prices grew broadly in line with incomes, but that they had grown twice as fast as incomes in the previous 20 to 30 years.

(Reporting by Andy Bruce; Writing by William Schomberg; Editing by David Milliken)