I'm afraid the housing bubble is fuelled by the massive buy-to-let market (British housing is about the best ROI out there). The result is a bidding war for every property that comes up for sale. This is something that Labour pledges to expand to satisfy their hatred of anything owned by anybody actually in the country except them. If you look at the continent, where housing prices are more stable, one of the more obvious differences is that buy-to-let is stomped on heavily (no letting unless 40% equity is held by the landlord, massive capital gains taxes on property transfers, large stamp duties, etc).
I'd remind you that Maggie only got her first tenure 'cos Callaghan made a pigs ear of the economy.
As for where we are now, Blair / Brown inherited an economy in surplus. Sweaty Gordon proceeded to spend the lot and borrow more, while borrowing even more off balance sheet and flogging off anything he could find, regardless of the current market for it. Economic mishandling of breathtaking incompetence, even by Labour's standards. Come the next recession, the country was skint and the credit lines already maxed out. Still, it could be worse, we could be in the same boat now as France under Hollande, so there's a bullet dodged and no mistake.
Still there is hope. Corbyn has managed to align his policies with the Scots twationalists[1]. Of course, one of the things the sweaty loons will require as part of a deal to prop up Stalin and co will be another referendum in the first term. Hopefully they'll win it (they ruddy well should unless they really are the greatest "down with evvrryfing" protest vote pre-Corbyn). Losing the Scots seats from parliament will render Labour unelectable in perpetuity. I reckon Corbyn is actually stupid enough to do this.
[1] If they decide to have a joint HQ, I'd suggest that an apt location would be Barking.
Biting the hand that feeds IT
