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Why is the UK property sector so important to the economy?

Over the last few years it has become more and more apparent that the UK property market is effectively the tail that wags the dog of the UK economy. Every economic bailout, every fiscal policy and every government initiative aimed at the consumer market would appear to have the property sector in mind. The truth is that the vast majority of individual wealth in the UK is tied up in the UK property market and jitters in this investment arena can reverberate across the whole economy.

As a consequence, the UK government will at all times look to control or at least guide the UK property sector along a certain path to ensure that consumer confidence remains as high as possible and confidence in the UK economy remains strong. While countries such as the US often favour rental arrangements over property purchases this has not been the case in the UK for many decades. Whether or not this could change slightly in the future remains to be seen but many people in the UK see a first step on the property ladder as something of a natural progression when they grow older.

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