Policymakers right to be worried as UK housing boom shows no sign of waning | Larry Elliott

But situation needs looking at in global context because it is not a story of British exceptionalism

Easter traditionally marks the start of the annual housebuying season, but this year there has been no need for potential sellers to mow the lawn and give the living room a lick of paint because the market's already running hot.

Demand for property has been strong ever since the UK first came out of lockdown in the summer of 2020. Mortgage approvals are up on pre-pandemic levels and prices have climbed ever higher.