UK house price boom will collapse once buyers lose their jobs

Pent-up demand in the Covid lockdown and the stamp-duty cut kept the property market hot, but a chill is on its way

• UK house prices jump but slowdown is likely, says Nationwide
• One in eight UK renters unable to meet housing costs

Bars are closing. Restaurants are seeing bookings cancelled. Retailers are worried about the impact of tightened Covid-19 restrictions on their businesses in the run-up to the crucial period. Everywhere there are signs of an economy rapidly losing momentum after its summer growth spurt.

Everywhere apart from the housing market. There demand is booming, with the Bank of England reporting that mortgage approvals in September were the highest since 2007, the year the last crisis started.

Related: UK house prices jump but slowdown is likely, says Nationwide