According to Penwortham estate agent, Michael Bailey, house prices rose faster under Labour, but growth has been more stable under the Tories, with publicly available records showing that, from Labour’s landslide 1997 victory to the start of the coalition government in 2010, house prices in Preston increased by 173% and by 159% in South Ribble. Values across Lancashire rose particularly steeply between 2002 and 2007, but then dropped after the financial crash.
“Some of that is probably thanks to the loosening of lending rules overseen by Labour that fuelled the market by making it easier for people to get mortgages. When you have a situation in which lots more people are suddenly able to buy, and demand goes up while the actual supply of properties is pretty static, simple supply-and-demand principles tell us we can usually expect prices to rise.
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