Nice little earner

HOW LONG before the government works out that the housing boom might be caused by demand as well as supply? The officlal solution is to build more homes in the long term and subsidise first-time buyers in the short term.

In the meantime overpaid City bankers and traders have fat Christmas bonuses to spend. Where do they invest it? Pensions? Shares? Or the under-taxed housing market? You guessed it. Gazumping is on the way back. Helpful lenders are even offering special mortgages to let them pile in before they trouser the cash.