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Housing: Fake boom

House prices in London have risen by 17 per cent in the past 12 months – a disastrous and artificial boom presented by the government as the flagship for Britain’s economic recovery. The boom is fuelled by foreign investment, buy-to-let landlords and greed.

Such rises in house prices are falsely presented to illustrate an alleged divide between the poor North and the wealthy South. One statistic not reported is that London boroughs now account for 17 of the top 20 hot spots for repossessions.

According to housing charity Shelter,  58,000 households are at risk of eviction or repossession in the boroughs of Hackney, Newham, Barking and Dagenham and Southwark, easily among the poorer boroughs of London if not Britain. That could mean anything up to 300,000 people dispossessed and potentially homeless.