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boundary="hKlOn0akdN0A=_?:" This is a multi-part message in MIME format. --hKlOn0akdN0A=_?: Content-Type: text/plain; charset="utf-8" Content-Transfer-Encoding: 8bit The Economist ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ https://click.e.economist.com/?qs=e47b3087314b9114d6164924e06f6c589a7038b53014c4ff53e9d7a58c4e668e41b64db300927f313d51744bfeb53fcd3c3893dc58780b700dea5569472b2ac2 https://view.e.economist.com/?qs=e0faae7de26258f9e432b0d38b853f494e47f6ff3cd696cd2cf47dd246b58ecd6a022418e2d2985d44b289f7543a6836387b7907255f298a27d923025009542fa9aa733274d5d77460923ffd1bda8f5d Read in browser March 1st 2025 The Economist this weekend A special edition on home ownership https://click.e.economist.com/?qs=b7ab0513df50927c54e9831ab863c88182e99ab0f3e4a88e1715ab434f1e22941e9e8f650e8a9b8518e772be3113d7490882b78c8a17161aafb4518c5445aacb https://click.e.economist.com/?qs=b7ab0513df50927cd9f0b206250eecd987cc73257b9aeada117ed9495229d8797d0db6e7947c05228ee2bf22480b042f1d29ed65999ad244c908cab17e55cea2 Illustration: Satoshi Kambayashi https://click.e.economist.com/?qs=b7ab0513df50927c70737c8acca4c896e30d6c94624e3f39a18ddf9b46a034f5759d8529716e4bce70dd07aa6d7b61bdd8ac9470a4de17d5a2adc0d7039c2fd9 https://click.e.economist.com/?qs=b7ab0513df50927c70737c8acca4c896e30d6c94624e3f39a18ddf9b46a034f5759d8529716e4bce70dd07aa6d7b61bdd8ac9470a4de17d5a2adc0d7039c2fd9 Josh Roberts Capital-markets correspondent &ldquo;Neither a borrower nor a lender be / For loan oft loses both itself and friend / And borrowing dulls the edge of husbandry.&rdquo; It&rsquo;s a lovely bit of verse, but Shakespeare is no financial adviser. Few people today can buy a house without a mortgage. And, until recently, even those who could were often wise to borrow the money. For decades, mortgage-holders who invested any spare cash rather than paying off debt might in fact have been husbanding their resources rather well. Interest rates stayed low for years, and certainly much lower than the returns available on shares, whose prices soared. Now, though, as I wrote in https://click.e.economist.com/?qs=b7ab0513df50927cd9f0b206250eecd987cc73257b9aeada117ed9495229d8797d0db6e7947c05228ee2bf22480b042f1d29ed65999ad244c908cab17e55cea2 this Buttonwood column , the arithmetic has flipped. For the first time in a while, Shakespeare&rsquo;s advice is worth heeding for those who can. Start your free trial today Get digital access to independent global analysis https://click.e.economist.com/?qs=e47b3087314b9114a72263c8e42a2ce905bc758116caa14c708d939e9c20bc0380cd8f67387cd257272117717bdded3adf2561ea6e8fd6ed392c48c676aa8db4 Subscribe Editor&rsquo;s picks A selection of must-read articles https://click.e.economist.com/?qs=b7ab0513df50927ce64e1e5f133c264b23ee5cd0185cfab05a8435eb8d526e101272ac8c1b0b92fa41b3a839f8556a1aa5d0b86db50510bed05c7dd67e9da84c https://click.e.economist.com/?qs=b7ab0513df50927ce64e1e5f133c264b23ee5cd0185cfab05a8435eb8d526e101272ac8c1b0b92fa41b3a839f8556a1aa5d0b86db50510bed05c7dd67e9da84c Buttonwood https://click.e.economist.com/?qs=b7ab0513df50927ce64e1e5f133c264b23ee5cd0185cfab05a8435eb8d526e101272ac8c1b0b92fa41b3a839f8556a1aa5d0b86db50510bed05c7dd67e9da84c Why you should repay your mortgage early https://click.e.economist.com/?qs=b7ab0513df50927ce64e1e5f133c264b23ee5cd0185cfab05a8435eb8d526e101272ac8c1b0b92fa41b3a839f8556a1aa5d0b86db50510bed05c7dd67e9da84c For the first time in decades, the arithmetic suggests settling housing loans https://click.e.economist.com/?qs=b7ab0513df50927ccddea9e412e2e4c161f18374b9510e8ee24842e00b103f1d95f8878a19be3632f6da04d1d728f42a9da94a70961673430313db98807ae9f4 https://click.e.economist.com/?qs=b7ab0513df50927ccddea9e412e2e4c161f18374b9510e8ee24842e00b103f1d95f8878a19be3632f6da04d1d728f42a9da94a70961673430313db98807ae9f4 Block party https://click.e.economist.com/?qs=b7ab0513df50927ccddea9e412e2e4c161f18374b9510e8ee24842e00b103f1d95f8878a19be3632f6da04d1d728f42a9da94a70961673430313db98807ae9f4 The house-price supercycle is just getting going https://click.e.economist.com/?qs=b7ab0513df50927ccddea9e412e2e4c161f18374b9510e8ee24842e00b103f1d95f8878a19be3632f6da04d1d728f42a9da94a70961673430313db98807ae9f4 Why property prices could keep rising for years https://click.e.economist.com/?qs=b7ab0513df50927c26c347c709aecb1151f983665c1fe656ea6d0412536a16df03ae40f41b2c3586e92f58e7160aef80202b678a69a5b632263fe2ceff366497 https://click.e.economist.com/?qs=b7ab0513df50927c26c347c709aecb1151f983665c1fe656ea6d0412536a16df03ae40f41b2c3586e92f58e7160aef80202b678a69a5b632263fe2ceff366497 Free exchange https://click.e.economist.com/?qs=b7ab0513df50927c26c347c709aecb1151f983665c1fe656ea6d0412536a16df03ae40f41b2c3586e92f58e7160aef80202b678a69a5b632263fe2ceff366497 Don’t count on monetary policy to make housing affordable https://click.e.economist.com/?qs=b7ab0513df50927c26c347c709aecb1151f983665c1fe656ea6d0412536a16df03ae40f41b2c3586e92f58e7160aef80202b678a69a5b632263fe2ceff366497 Unless housebuilding picks up, neither cheap nor dear money will bring relief https://click.e.economist.com/?qs=b7ab0513df50927c9480659d83496e0b30bb54f466f4c476c1c72e0718d1640b51a23c0f37aa6d9e3930d0123e2da64105aae7e0d137ad8e57bfa9d53b62c1eb https://click.e.economist.com/?qs=b7ab0513df50927c9480659d83496e0b30bb54f466f4c476c1c72e0718d1640b51a23c0f37aa6d9e3930d0123e2da64105aae7e0d137ad8e57bfa9d53b62c1eb End of the space race https://click.e.economist.com/?qs=b7ab0513df50927c9480659d83496e0b30bb54f466f4c476c1c72e0718d1640b51a23c0f37aa6d9e3930d0123e2da64105aae7e0d137ad8e57bfa9d53b62c1eb The decline in remote working hits Britain’s housing market https://click.e.economist.com/?qs=b7ab0513df50927c9480659d83496e0b30bb54f466f4c476c1c72e0718d1640b51a23c0f37aa6d9e3930d0123e2da64105aae7e0d137ad8e57bfa9d53b62c1eb A return to the office means a return to town https://click.e.economist.com/?qs=b7ab0513df50927cb7ad343e1e0eade157542ea4f482c3a632994b82aa6f0364fcc1d06581279c2b97f0d9f3a620cac95aa484c209c69fb584a5ec51627d4cb7 https://click.e.economist.com/?qs=b7ab0513df50927cb7ad343e1e0eade157542ea4f482c3a632994b82aa6f0364fcc1d06581279c2b97f0d9f3a620cac95aa484c209c69fb584a5ec51627d4cb7 Buttonwood https://click.e.economist.com/?qs=b7ab0513df50927cb7ad343e1e0eade157542ea4f482c3a632994b82aa6f0364fcc1d06581279c2b97f0d9f3a620cac95aa484c209c69fb584a5ec51627d4cb7 Should you fix your mortgage for ever? https://click.e.economist.com/?qs=b7ab0513df50927cb7ad343e1e0eade157542ea4f482c3a632994b82aa6f0364fcc1d06581279c2b97f0d9f3a620cac95aa484c209c69fb584a5ec51627d4cb7 You can ignore rising rates, but you pay an arm and a leg https://click.e.economist.com/?qs=b7ab0513df50927cd458795fcb2039e5345b9e9d2238287c1ae318b9f7c44b4cee01d8679a0475131591c6e0dfe08ad7242d4f3e60205f5ed9e3ae4637e008a5 https://click.e.economist.com/?qs=b7ab0513df50927c317d3e074c2f37a075a95cd8402990d5d514359f4f65f6cacdab716817f4d9b4e3863b41e2bf8a4c41b29a9605ac154b6beecb6e69cd5746 https://click.e.economist.com/?qs=b7ab0513df50927c317d3e074c2f37a075a95cd8402990d5d514359f4f65f6cacdab716817f4d9b4e3863b41e2bf8a4c41b29a9605ac154b6beecb6e69cd5746 Great Danes https://click.e.economist.com/?qs=b7ab0513df50927c317d3e074c2f37a075a95cd8402990d5d514359f4f65f6cacdab716817f4d9b4e3863b41e2bf8a4c41b29a9605ac154b6beecb6e69cd5746 To fix broken mortgage markets, look to Denmark https://click.e.economist.com/?qs=b7ab0513df50927c317d3e074c2f37a075a95cd8402990d5d514359f4f65f6cacdab716817f4d9b4e3863b41e2bf8a4c41b29a9605ac154b6beecb6e69cd5746 Rising interest rates have exposed the problems with many home loans https://click.e.economist.com/?qs=b7ab0513df50927cac719f1be24ff0ea781653fa61bbade06a968d0bc5daac79c0c75bc205311e9d2c74f9f7415b00069e5fd9f54673778e8b9a9e7b344e4bec https://click.e.economist.com/?qs=b7ab0513df50927cac719f1be24ff0ea781653fa61bbade06a968d0bc5daac79c0c75bc205311e9d2c74f9f7415b00069e5fd9f54673778e8b9a9e7b344e4bec War economy https://click.e.economist.com/?qs=b7ab0513df50927cac719f1be24ff0ea781653fa61bbade06a968d0bc5daac79c0c75bc205311e9d2c74f9f7415b00069e5fd9f54673778e8b9a9e7b344e4bec How Vladimir Putin created a housing bubble https://click.e.economist.com/?qs=b7ab0513df50927cac719f1be24ff0ea781653fa61bbade06a968d0bc5daac79c0c75bc205311e9d2c74f9f7415b00069e5fd9f54673778e8b9a9e7b344e4bec Prices have risen by 172% in Russia’s biggest cities over the past three years Also from The Economist https://click.e.economist.com/?qs=e47b3087314b91146e874a14095ab19bef25919f6a038f0d7ba9d08a48c44ca8152d72acd6138b6bbf1174b55b277d6a99e27acacfd96fa9c51388fdafa7f5a8 https://click.e.economist.com/?qs=e47b3087314b91146e874a14095ab19bef25919f6a038f0d7ba9d08a48c44ca8152d72acd6138b6bbf1174b55b277d6a99e27acacfd96fa9c51388fdafa7f5a8 Free to receive https://click.e.economist.com/?qs=e47b3087314b91146e874a14095ab19bef25919f6a038f0d7ba9d08a48c44ca8152d72acd6138b6bbf1174b55b277d6a99e27acacfd96fa9c51388fdafa7f5a8 How Vladimir Putin created a housing bubble https://click.e.economist.com/?qs=e47b3087314b91146e874a14095ab19bef25919f6a038f0d7ba9d08a48c44ca8152d72acd6138b6bbf1174b55b277d6a99e27acacfd96fa9c51388fdafa7f5a8 Our weekly newsletter helps you understand a vast and complicated country that will increasingly shape the future. 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} } </style> </head> <!-- / Header styling --> <body id="body" bgcolor="#f2f2f2" style="width:100% !important; margin:0 auto; padding:0; background-color:#f2f2f2;"><style type="text/css"> div.preheader { display: none !important; } </style> <div class="preheader" style="font-size: 1px; display: none !important;">The arithmetic now suggests settling housing loans</div> <div style="display:none;"> <img src="https://click.e.economist.com/open.aspx?ffcb10-fe9316707361037971-fe2315777162017e7c1479-fe8d13727c650c7976-ff6415717c-fe2e167076630075751479-ff051576756506&d=70245&bmt=0" width="1" height="1" alt=""> </div> <table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><!--[if !mso]><!--> <div style="max-height:0; overflow:hidden; mso-hide:all;" aria-hidden="true">&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;&nbsp;‌&nbsp;‌&nbsp;&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;&nbsp;‌&nbsp;‌&nbsp; &nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;&nbsp;‌&nbsp;‌&nbsp; &nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;&nbsp;‌&nbsp;‌&nbsp;&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;&nbsp;‌&nbsp;‌&nbsp;&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;&nbsp;‌&nbsp;‌&nbsp; &nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;&nbsp;‌&nbsp;‌&nbsp; &nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;&nbsp;‌&nbsp;‌&nbsp; &nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;&nbsp;‌&nbsp;‌&nbsp; &nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;&nbsp;‌&nbsp;‌&nbsp; </div> <!--<![endif]--></td></tr></table> <table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><!----></td></tr></table> <table role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper" width="100%" cellspacing="0" cellpadding="0"><tr><td class="stylingblock-content-wrapper camarker-inner"> </td></tr></table> <!--[if !mso]><!--> <div style="max-height:0; overflow:hidden; mso-hide:all;" aria-hidden="true"> </div> <!--<![endif]--> <!--[if gte mso 16]> <table width="100%" align="center" bgcolor="#f2f2f2" cellspacing="0" cellpadding="0" border="0" role="presentation" style="width:100%;"> <tr> <td width="100%" valign="top" style="width:100%;"> <![endif]--> <center style="width:100% !important; height:100% !important; table-layout:fixed !important; background-color:#f2f2f2;"> <!--[if mso]> <table width="600" align="center" bgcolor="#ffffff" cellpadding="0" cellspacing="0" border="0" role="presentation" style="width:600px;"> <tr> <td width="600" valign="top" style="width:600px;"> <![endif]--> <div role="document" style="max-width:600px; margin:0 auto; background-color:#ffffff;"> <!-- Header --> <table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; 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font-size:14px; color:#121212; line-height:25px; text-align:right; border-top:1px solid #d7d7d7; border-bottom:1px solid #d7d7d7;"> <p style="margin:0;"> <a href="https://view.e.economist.com/?qs=e0faae7de26258f9e432b0d38b853f494e47f6ff3cd696cd2cf47dd246b58ecd6a022418e2d2985d44b289f7543a6836387b7907255f298a27d923025009542fd21275b91b3562da1285e0c0b44b23d5" target="_blank" style="color:#121212; text-decoration:none;">Read in browser </a> </p> </td> </tr> </table> </td> </tr> </table></td></tr></table> <!-- / Header --> <!-- DATE --> <table role="presentation" style="max-width:600px;" width="100%" cellspacing="0" cellpadding="0" border="0" bgcolor="#ffffff" align="center"> <tr> <td style="padding:0 16px 16px 16px;" valign="top"> <table role="presentation" width="100%" cellspacing="0" cellpadding="0" border="0"> <tr> <td class="econsans" style="padding:4px 0 0 0; font-family:EconomistSansLF,Roboto Condensed, Seravek, Arial Nova, Nimbus Sans, Arial, sans-serif; font-size:11px; color:#121212; line-height:19px; text-align:left; text-transform: uppercase; border-top:1px solid #121212;" valign="top"> <p style="margin:0;"> March 1st 2025</p> </td> </tr> </table> </td> </tr> </table> <!-- //DATE --> <!-- Header Logo --> <table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"></td></tr></table> <!-- / Header Logo --> <table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td align="center" style="font-size:0; padding:0 0 20px 0;" valign="top"> <!--[if (gte mso 9)|(IE)]> <td valign="top" style="width: 236px;"> <![endif]--><div class="fluid" style="display: inline-block; width: 100%; min-width: 100%; max-width: 120px; letter-spacing: normal; vertical-align: top;"> <table align="right" border="0" cellpadding="0" cellspacing="0" class="fluid" role="presentation" width="100%"> <tr> <td align="center" style="padding: 1px 0px 1px 0px" valign="middle"> <img alt="The Economist this weekend" data-assetid="152069" height="80" src="https://image.e.economist.com/lib/fe8d13727c650c7976/m/4/702782ff-ecfc-4819-9d4a-e94ab0b1fed3.png" style="display: block; padding: 0px; height: 80px; width: 80px; text-align: center; border: 0px none transparent;" width="80"></td></tr></table></div><!--[if (gte mso 9)|(IE)]> <td valign="top" align="left" style="width:1460px;"> <![endif]--><div class="fluid" style=" display: inline-block; width: 100%; min-width: 100%; max-width: 480px; vertical-align: top; "> <table align="left" border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td class="pr16" height="44" style="vertical-align: middle; padding: 0px 16px 0px 0px" valign="middle"> <h1 class="txtl txt36 serifLF" style="margin: 0px 0px; font-family: EconomistSerifLF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size: 32px; color: rgb(18, 18, 18); line-height: 38px; letter-spacing: normal; font-weight: 500 !important; text-align: center;"> The Economist this weekend</h1></td></tr><tr> <td class="pr16" height="28" style="vertical-align: middle; padding: 0px 16px 0px 0px" valign="middle"> <p class="txtl" style="margin: 0px; font-size: 20px; color: rgb(18, 18, 18); line-height: 1.4; font-weight: 400 !important; text-align: center;"> A special edition on home ownership</p></td></tr></table></div><!--[if (gte mso 9)|(IE)]> </td> <![endif]--></td></tr></table><!--Divider--><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td style="padding:0 8px 0px 8px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td align="center" style="padding:0 8px 8px 8px;" valign="top"> <hr style="width:100%; max-width:568px; height:1px; margin:0; background-color:#d7d7d7; color:#d7d7d7; border-width:0;"> </td></tr></table></td></tr></table><!--// Divider--></td></tr></table><table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"> <table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"> <table cellspacing="0" cellpadding="0" border="0" align="center"> <tr> <td style="padding: 0 16px 0 16px;" valign="top" align="center"> <a href="https://click.e.economist.com/u/?qs=b7ab0513df50927ce0135e03fd02d622ce0fde41ae98b59a050bf0682473e9e2755f683b56a59d3ca6bc3a86a0426157befe0b412780250d972519b96afbceca" > <img style="display: block; width: 100%; max-width: 600px; height: auto; border: none; padding: 0px; text-align: center;" src="https://pas.economist.com/view/2/51871/57851417e462c4aaa382616de415f6a6/2065744?ad_region=Africa&ad_country=Nigeria&send_date=01/03/2025&segment=4-NG" width="600"> </a> <img width="1" height="1" style="display: none;" alt="timer" src="https://pas.economist.com/t/2/51871/0033z00002rl1PoAAI/2065744?pid=1&ad_region=Africa&ad_country=Nigeria&send_date=01/03/2025&segment=4-NG"> <img width="1" height="1" style="display: none;" alt="trk_px" src="https://pas.economist.com/extt/2/51871/0033z00002rl1PoAAI/2065744?pid=1&ad_region=Africa&ad_country=Nigeria&send_date=01/03/2025&segment=4-NG"> </td> </tr> </table></td></tr></table> </td></tr></table><table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><!-- FULL-WIDTH IMAGE --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td style="padding:0 16px 16px 16px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td align="center" style="padding:0 0 0 0;" valign="top"> <a data-linkto="https://" href="https://click.e.economist.com/?qs=b7ab0513df50927c55497567a31f29a13c740e3f3183a67bfac4e374dfbca4131fcd7976d066675aa29448614b074f06bcedbf071068dcf60bdadc1c54a8a9f2" title=""><img alt="" data-assetid="362094" src="https://image.e.economist.com/lib/fe8d13727c650c7976/m/1/97f32bf7-532d-4b8b-997f-dd2cda921532.png" style="display: block; width: 100%; max-width: 568px; height: auto; padding: 0px; text-align: center; border: none;" width="568"></a></td></tr></table></td></tr></table><!-- //FULL-WIDTH IMAGE --></td></tr></table><table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td class="ph12" style="padding:0 16px 0 16px; " valign="top"> <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td class="econsans" style="padding:0 0 12px 0;" valign="top"> <span style="color: rgb(51, 51, 51); font-family: EconomistSansLF,Roboto Condensed, Seravek, Arial Nova, Nimbus Sans, Arial, sans-serif; font-size: 11.2373px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.3px; orphans: 2; text-align: start; text-indent: 0px; text-transform: uppercase; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Illustration: Satoshi Kambayashi</span></td></tr></table></td></tr></table></td></tr></table><table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><!-- ARTICLES (3) --> <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td style="padding:0 8px 0px 8px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td align="center" style="padding:0 8px 24px 8px;" valign="top"> <hr style="width:100%; max-width:568px; height:1px; margin:0; background-color:#d7d7d7; color:#d7d7d7; border-width:0;"> </td></tr></table></td></tr></table><!-- //ARTICLES (3) --></td></tr></table><table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><!-- BYLINE --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td align="left" style="padding:0 16px 16px 16px;" valign="top"> <table align="left" border="0" cellpadding="0" cellspacing="0" role="presentation"> <tr> <td style="vertical-align:middle; padding:0 16px 0 0;" valign="middle" width="67"> <a data-linkto="https://" href="https://click.e.economist.com/?qs=b7ab0513df50927cb705dbdd12c99aac8bcccd9fb850411e0e05587e4e37be48fabbd5dfa138af5bac108cd267e8215dfe95e0f2c39cca19559bb0ac2c66e28e" title=""><img alt="" data-assetid="349489" src="https://image.e.economist.com/lib/fe8d13727c650c7976/m/1/58a12c3e-2852-4e0f-aeb2-635c69406f8d.jpg" style="border-radius: 50%; display: block; padding: 0px; height: auto; width: 100%; text-align: center; border: 0px none transparent;" width="67"></a></td><td class="serifLF" style="vertical-align:middle; font-family:EconomistSerifLF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:18px; color:#121212; line-height:25px; text-align:left;" valign="middle"> <p style="margin:0;"> <b><a data-linkto="https://" href="https://click.e.economist.com/?qs=b7ab0513df50927ce8895aec332ea3445e833c1e4e0e3ad016334bdbb1d56b7e6bf0b40abdf3b4cc265a1f8dce01e1193358ace96b4cb08ce81ec1608004220c" style="color:#000000;text-decoration:none;" title="Josh Roberts">Josh Roberts</a></b><br> Capital-markets correspondent&nbsp;</p></td></tr></table></td></tr></table><!-- //BYLINE --></td></tr></table> <table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td style="padding:0 16px 56px 16px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td class="article-text" style="padding:0 0 1px 0; font-family:EconomistSerifOsF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:18px; color:#121212; line-height:25px; text-align:left;" valign="top"> <p class="article-text" style="margin:0;"> &ldquo;Neither a borrower nor a lender be / For loan oft loses both itself and friend / And borrowing dulls the edge of husbandry.&rdquo; It&rsquo;s a lovely bit of verse, but Shakespeare is no financial adviser. Few people today can buy a house without a mortgage. And, until recently, even those who could were often wise to borrow the money.<br> <br> For decades, mortgage-holders who invested any spare cash rather than paying off debt might in fact have been husbanding their resources rather well. Interest rates stayed low for years, and certainly much lower than the returns available on shares, whose prices soared. Now, though, as I wrote in <a data-linkto="https://" href="https://click.e.economist.com/?qs=b7ab0513df50927c91f31cd2b0ee9701512df18d08a43aac43c6bee48c66b639c742a3bc85f059c6e07bf02a4514333583cf5ebe354d3bd3cc276a0dc83bd8a9" style="text-decoration:none;" title="this Buttonwood column">this Buttonwood column</a>, the arithmetic has flipped. For the first time in a while, Shakespeare&rsquo;s advice is worth heeding for those who can.</p></td></tr></table></td></tr></table><!-- //FULL-WIDTH CONTENT --></td></tr></table><table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr> <td class="stylingblock-content-wrapper camarker-inner"> <table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><!----></td></tr></table> <!-- MAIN TITLE + CONTENT --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td bgcolor="#1f2e7a" class="ph32" style="padding:32px 16px 32px 16px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td align="center" style="padding:0 0 8px 0;" valign="top"> </td></tr><tr> <td style="padding:0 0 6px 0;" valign="top"> <h1 class="headerCta23" style="margin:0; font-family:Charter,'Bitstream Charter','Iowan Old Style','Calisto MT',Georgia,serif; font-size:26px; font-weight:500; color:#ffffff; line-height:31px; text-align:center; mso-line-height-rule:exactly;"> Start your free trial today</h1></td></tr><tr> <td style="padding:0 0 20px 0; font-family:Charter,'Bitstream Charter','Iowan Old Style','Calisto MT',Georgia,serif; font-size:18px; color:#ffffff; line-height:25px; text-align:center;" valign="top"> <p style="margin:0;"> Get digital access to independent global analysis</p></td></tr><tr> <td align="center" valign="top"> <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:initial !important; border:2px solid #ffffff; border-radius:32px;"> <tr> </tr><tr> <td class="econsans phCta" style="padding:4px 16px 4px 16px; font-family: apple-system,BlinkMacSystemFont,'Segoe UI',Helvetica,Arial,sans-serif; font-size:16px; font-weight:500 !important; color:#141F52; line-height:22px; text-align:center;" valign="top"> <a data-linkto="other" href="https://click.e.economist.com/u/?qs=e47b3087314b9114955a90bf7a9d602ee9c9d8bc0a25967471fe6941b4e5cef0587bae3576fc008439aa1b57383262e5dc543253912c151b8877ad10277bcc27" style="color:#121212;text-decoration:none;" target="_blank" title="">Subscribe</a></td></tr></table></td></tr></table></td></tr><tr> <td height="56" style="font-size:1px; line-height:1px;"> &nbsp;</td></tr></table> <!-- //MAIN TITLE --></td></tr></table> </td></tr></table><table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><!-- SECTION HEADING --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td style="padding:0 16px 16px 16px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td style="border-top:1px solid #121212;padding:7px 0 0 0;" valign="top"> <h2 class="econsans" style="margin:0; font-family:EconomistSansLF,Roboto Condensed, Seravek, Arial Nova, Nimbus Sans, Arial, sans-serif; font-size:18px; font-weight:bold; color:#121212; line-height:25px; text-align:left; mso-line-height-rule:exactly;"> <b>Editor&rsquo;s picks</b></h2><p class="econsans" style="margin:0; font-family:EconomistSansLF,Roboto Condensed, Seravek, Arial Nova, Nimbus Sans, Arial, sans-serif; font-size:18px; color:#121212; line-height:25px; text-align:left; mso-line-height-rule:exactly;"> <span class="econsans" style="color:#121212;font-family:EconomistSansLF,Roboto Condensed, Seravek, Arial Nova, Nimbus Sans, Arial, sans-serif;font-size:18px;line-height:25px;margin:0;mso-line-height-rule:exactly;text-align:left;">A selection of must-read articles&nbsp;</span></p></td></tr></table></td></tr></table><!-- //SECTION HEADING --></td></tr></table> <!-- ARTICLES (3) --> <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td style="padding:0px 8px 16px 8px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td class="pb8" style="padding:0 0 16px 0; font-size:0; text-align:center;" valign="top"> <!--[if mso]> <table width="584" align="center" cellspacing="0" cellpadding="0" border="0" role="presentation" style="width:584px;"> <tr> <td width="292" align="left" valign="top" style="width:292px;"> <![endif]--> <div class="fluid" style="display:inline-block; width:100%; min-width:100%; max-width:292px; vertical-align:top;"> <table align="left" border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td class="pb8-12" style="padding:0 8px 12px 8px;" valign="top"> <a href="https://click.e.economist.com/?qs=e47b3087314b9114ddc27e090631e9195c994ebb564a8c52ef8f4cc909fe73618acf92529fb9163330d9ed45555817ce60f6e9d2ea3583110073d83d53907a4c" target="_blank"><img alt="illustration of a house cut in half diagonally, the lower corner being a bill." border="0" class="fluid" height="" src="https://www.economist.com/content-assets/images/20250215_FND001.jpg" style="display:block; width:100%; min-width:100%; max-width:276px; height:auto; border:none;" width="276"> </a> </td> </tr> </table> </div> <!--[if mso]></td><td width="292" align="right" valign="top" style="width:292px;"><![endif]--> <div class="fluid" style="display:inline-block; width:100%; min-width:100%; max-width:292px; vertical-align:top;"> <table align="right" border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td class="econsans" style="padding:0 8px 4px 8px; font-family:EconomistSansLF,Roboto Condensed, Seravek, Arial Nova, Nimbus Sans, Arial, sans-serif; font-size:14px; color:#e3120b; line-height:16px; text-align:left;" valign="top"> <p style="margin:0; "> <a href="https://click.e.economist.com/?qs=e47b3087314b9114ddc27e090631e9195c994ebb564a8c52ef8f4cc909fe73618acf92529fb9163330d9ed45555817ce60f6e9d2ea3583110073d83d53907a4c" style="color:#e3120b; text-decoration:none;" target="_blank">Buttonwood </a> </p> </td> </tr> <tr> <td class="h2 serifLF" style="padding:0 8px 8px 8px; font-family:EconomistSerifLF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:23px; font-weight:bold; color:#121212; line-height:28px; text-align:left;" valign="top"> <p style="margin:0;"> <a href="https://click.e.economist.com/?qs=e47b3087314b9114ddc27e090631e9195c994ebb564a8c52ef8f4cc909fe73618acf92529fb9163330d9ed45555817ce60f6e9d2ea3583110073d83d53907a4c" style="color:#121212; text-decoration:none;" target="_blank">Why you should repay your mortgage early </a> </p> </td> </tr> <tr> <td style="padding:0 8px 8px 8px; font-family:EconomistSerifOsF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:18px; color:#121212; line-height:25px; text-align:left;" valign="top"> <p style="margin:0;"> <a href="https://click.e.economist.com/?qs=e47b3087314b9114ddc27e090631e9195c994ebb564a8c52ef8f4cc909fe73618acf92529fb9163330d9ed45555817ce60f6e9d2ea3583110073d83d53907a4c" style="color:#121212; text-decoration:none;" target="_blank">For the first time in decades, the arithmetic suggests settling housing loans</a> </p> </td> </tr> </table> </div> <!--[if mso]> </td> </tr> </table> <![endif]--> </td> </tr> <tr> </tr> <tr> <!--[if mso]> <table width="584" align="center" cellspacing="0" cellpadding="0" border="0" role="presentation" style="width:584px;"> <tr> [if mso]> </td> </tr> </table> <![endif]--> </tr> <tr> <td align="center" style="padding:0 8px 2px 8px;" valign="top"> <hr style="width:100%; max-width:568px; height:1px; margin:0; background-color:#d7d7d7; color:#d7d7d7; border-width:0;"> </td> </tr> </table> </td> </tr> </table> <!-- //ARTICLES (3) --> <!-- ARTICLES (3) --> <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td style="padding:0px 8px 16px 8px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td class="pb8" style="padding:0 0 16px 0; font-size:0; text-align:center;" valign="top"> <!--[if mso]> <table width="584" align="center" cellspacing="0" cellpadding="0" border="0" role="presentation" style="width:584px;"> <tr> <td width="292" align="left" valign="top" style="width:292px;"> <![endif]--> <div class="fluid" style="display:inline-block; width:100%; min-width:100%; max-width:292px; vertical-align:top;"> <table align="left" border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td class="pb8-12" style="padding:0 8px 12px 8px;" valign="top"> <a href="https://click.e.economist.com/?qs=e47b3087314b91148d1001ded268255b15e72ee3f0a63612fc52836091d61f7c53feb0427d478b3e11e416e74d418121183ad3f78673d31d620c2b40bded4f24" target="_blank"><img alt="Price tags with roof stacking up higher to the left" border="0" class="fluid" height="" src="https://www.economist.com/content-assets/images/20241005_FND003.jpg" style="display:block; width:100%; min-width:100%; max-width:276px; height:auto; border:none;" width="276"> </a> </td> </tr> </table> </div> <!--[if mso]></td><td width="292" align="right" valign="top" style="width:292px;"><![endif]--> <div class="fluid" style="display:inline-block; width:100%; min-width:100%; max-width:292px; vertical-align:top;"> <table align="right" border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td class="econsans" style="padding:0 8px 4px 8px; font-family:EconomistSansLF,Roboto Condensed, Seravek, Arial Nova, Nimbus Sans, Arial, sans-serif; font-size:14px; color:#e3120b; line-height:16px; text-align:left;" valign="top"> <p style="margin:0; "> <a href="https://click.e.economist.com/?qs=e47b3087314b91148d1001ded268255b15e72ee3f0a63612fc52836091d61f7c53feb0427d478b3e11e416e74d418121183ad3f78673d31d620c2b40bded4f24" style="color:#e3120b; text-decoration:none;" target="_blank">Block party </a> </p> </td> </tr> <tr> <td class="h2 serifLF" style="padding:0 8px 8px 8px; font-family:EconomistSerifLF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:23px; font-weight:bold; color:#121212; line-height:28px; text-align:left;" valign="top"> <p style="margin:0;"> <a href="https://click.e.economist.com/?qs=e47b3087314b91148d1001ded268255b15e72ee3f0a63612fc52836091d61f7c53feb0427d478b3e11e416e74d418121183ad3f78673d31d620c2b40bded4f24" style="color:#121212; text-decoration:none;" target="_blank">The house-price supercycle is just getting going </a> </p> </td> </tr> <tr> <td style="padding:0 8px 8px 8px; font-family:EconomistSerifOsF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:18px; color:#121212; line-height:25px; text-align:left;" valign="top"> <p style="margin:0;"> <a href="https://click.e.economist.com/?qs=e47b3087314b91148d1001ded268255b15e72ee3f0a63612fc52836091d61f7c53feb0427d478b3e11e416e74d418121183ad3f78673d31d620c2b40bded4f24" style="color:#121212; text-decoration:none;" target="_blank">Why property prices could keep rising for years</a> </p> </td> </tr> </table> </div> <!--[if mso]> </td> </tr> </table> <![endif]--> </td> </tr> <tr> </tr> <tr> <!--[if mso]> <table width="584" align="center" cellspacing="0" cellpadding="0" border="0" role="presentation" style="width:584px;"> <tr> [if mso]> </td> </tr> </table> <![endif]--> </tr> <tr> <td align="center" style="padding:0 8px 2px 8px;" valign="top"> <hr style="width:100%; max-width:568px; height:1px; margin:0; background-color:#d7d7d7; color:#d7d7d7; border-width:0;"> </td> </tr> </table> </td> </tr> </table> <!-- //ARTICLES (3) --> <!-- ARTICLES (3) --> <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td style="padding:0px 8px 16px 8px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td class="pb8" style="padding:0 0 16px 0; font-size:0; text-align:center;" valign="top"> <!--[if mso]> <table width="584" align="center" cellspacing="0" cellpadding="0" border="0" role="presentation" style="width:584px;"> <tr> <td width="292" align="left" valign="top" style="width:292px;"> <![endif]--> <div class="fluid" style="display:inline-block; width:100%; min-width:100%; max-width:292px; vertical-align:top;"> <table align="left" border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td class="pb8-12" style="padding:0 8px 12px 8px;" valign="top"> <a href="https://click.e.economist.com/?qs=e47b3087314b911425ff5ae170d36ad00a3b32d25e0a9e5f73e53774c8514580b999ba417fe400cda0f765f33695c9a849fb16b6e42ea8a39baf4c0199eb47d3" target="_blank"><img alt="A padlock made from red bricks against a green background" border="0" class="fluid" height="" src="https://www.economist.com/content-assets/images/20241221_FND000.jpg" style="display:block; width:100%; min-width:100%; max-width:276px; height:auto; border:none;" width="276"> </a> </td> </tr> </table> </div> <!--[if mso]></td><td width="292" align="right" valign="top" style="width:292px;"><![endif]--> <div class="fluid" style="display:inline-block; width:100%; min-width:100%; max-width:292px; vertical-align:top;"> <table align="right" border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td class="econsans" style="padding:0 8px 4px 8px; font-family:EconomistSansLF,Roboto Condensed, Seravek, Arial Nova, Nimbus Sans, Arial, sans-serif; font-size:14px; color:#e3120b; line-height:16px; text-align:left;" valign="top"> <p style="margin:0; "> <a href="https://click.e.economist.com/?qs=e47b3087314b911425ff5ae170d36ad00a3b32d25e0a9e5f73e53774c8514580b999ba417fe400cda0f765f33695c9a849fb16b6e42ea8a39baf4c0199eb47d3" style="color:#e3120b; text-decoration:none;" target="_blank">Free exchange </a> </p> </td> </tr> <tr> <td class="h2 serifLF" style="padding:0 8px 8px 8px; font-family:EconomistSerifLF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:23px; font-weight:bold; color:#121212; line-height:28px; text-align:left;" valign="top"> <p style="margin:0;"> <a href="https://click.e.economist.com/?qs=e47b3087314b911425ff5ae170d36ad00a3b32d25e0a9e5f73e53774c8514580b999ba417fe400cda0f765f33695c9a849fb16b6e42ea8a39baf4c0199eb47d3" style="color:#121212; text-decoration:none;" target="_blank">Don’t count on monetary policy to make housing affordable </a> </p> </td> </tr> <tr> <td style="padding:0 8px 8px 8px; font-family:EconomistSerifOsF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:18px; color:#121212; line-height:25px; text-align:left;" valign="top"> <p style="margin:0;"> <a href="https://click.e.economist.com/?qs=e47b3087314b911425ff5ae170d36ad00a3b32d25e0a9e5f73e53774c8514580b999ba417fe400cda0f765f33695c9a849fb16b6e42ea8a39baf4c0199eb47d3" style="color:#121212; text-decoration:none;" target="_blank">Unless housebuilding picks up, neither cheap nor dear money will bring relief</a> </p> </td> </tr> </table> </div> <!--[if mso]> </td> </tr> </table> <![endif]--> </td> </tr> <tr> </tr> <tr> <!--[if mso]> <table width="584" align="center" cellspacing="0" cellpadding="0" border="0" role="presentation" style="width:584px;"> <tr> [if mso]> </td> </tr> </table> <![endif]--> </tr> <tr> <td align="center" style="padding:0 8px 2px 8px;" valign="top"> <hr style="width:100%; max-width:568px; height:1px; margin:0; background-color:#d7d7d7; color:#d7d7d7; border-width:0;"> </td> </tr> </table> </td> </tr> </table> <!-- //ARTICLES (3) --> <!-- ARTICLES (3) --> <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td style="padding:0px 8px 16px 8px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td class="pb8" style="padding:0 0 16px 0; font-size:0; text-align:center;" valign="top"> <!--[if mso]> <table width="584" align="center" cellspacing="0" cellpadding="0" border="0" role="presentation" style="width:584px;"> <tr> <td width="292" align="left" valign="top" style="width:292px;"> <![endif]--> <div class="fluid" style="display:inline-block; width:100%; min-width:100%; max-width:292px; vertical-align:top;"> <table align="left" border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td class="pb8-12" style="padding:0 8px 12px 8px;" valign="top"> <a href="https://click.e.economist.com/?qs=e47b3087314b91146e7ec865716bfdec1816526b41e6fe1aaadd9c9940d71619f935a44cf3bd8638abb316ed1ad56cc5cc2103a9987133b84930fee381c1d289" target="_blank"><img alt="Sky Gardens/Midland Mills under construction in Leeds." border="0" class="fluid" height="" src="https://www.economist.com/content-assets/images/20250111_BRP502.jpg" style="display:block; width:100%; min-width:100%; max-width:276px; height:auto; border:none;" width="276"> </a> </td> </tr> </table> </div> <!--[if mso]></td><td width="292" align="right" valign="top" style="width:292px;"><![endif]--> <div class="fluid" style="display:inline-block; width:100%; min-width:100%; max-width:292px; vertical-align:top;"> <table align="right" border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td class="econsans" style="padding:0 8px 4px 8px; font-family:EconomistSansLF,Roboto Condensed, Seravek, Arial Nova, Nimbus Sans, Arial, sans-serif; font-size:14px; color:#e3120b; line-height:16px; text-align:left;" valign="top"> <p style="margin:0; "> <a href="https://click.e.economist.com/?qs=e47b3087314b91146e7ec865716bfdec1816526b41e6fe1aaadd9c9940d71619f935a44cf3bd8638abb316ed1ad56cc5cc2103a9987133b84930fee381c1d289" style="color:#e3120b; text-decoration:none;" target="_blank">End of the space race </a> </p> </td> </tr> <tr> <td class="h2 serifLF" style="padding:0 8px 8px 8px; font-family:EconomistSerifLF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:23px; font-weight:bold; color:#121212; line-height:28px; text-align:left;" valign="top"> <p style="margin:0;"> <a href="https://click.e.economist.com/?qs=e47b3087314b91146e7ec865716bfdec1816526b41e6fe1aaadd9c9940d71619f935a44cf3bd8638abb316ed1ad56cc5cc2103a9987133b84930fee381c1d289" style="color:#121212; text-decoration:none;" target="_blank">The decline in remote working hits Britain’s housing market </a> </p> </td> </tr> <tr> <td style="padding:0 8px 8px 8px; font-family:EconomistSerifOsF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:18px; color:#121212; line-height:25px; text-align:left;" valign="top"> <p style="margin:0;"> <a href="https://click.e.economist.com/?qs=e47b3087314b91146e7ec865716bfdec1816526b41e6fe1aaadd9c9940d71619f935a44cf3bd8638abb316ed1ad56cc5cc2103a9987133b84930fee381c1d289" style="color:#121212; text-decoration:none;" target="_blank">A return to the office means a return to town</a> </p> </td> </tr> </table> </div> <!--[if mso]> </td> </tr> </table> <![endif]--> </td> </tr> <tr> </tr> <tr> <!--[if mso]> <table width="584" align="center" cellspacing="0" cellpadding="0" border="0" role="presentation" style="width:584px;"> <tr> [if mso]> </td> </tr> </table> <![endif]--> </tr> <tr> <td align="center" style="padding:0 8px 2px 8px;" valign="top"> <hr style="width:100%; max-width:568px; height:1px; margin:0; background-color:#d7d7d7; color:#d7d7d7; border-width:0;"> </td> </tr> </table> </td> </tr> </table> <!-- //ARTICLES (3) --> <!-- ARTICLES (3) --> <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td style="padding:0px 8px 16px 8px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td class="pb8" style="padding:0 0 16px 0; font-size:0; text-align:center;" valign="top"> <!--[if mso]> <table width="584" align="center" cellspacing="0" cellpadding="0" border="0" role="presentation" style="width:584px;"> <tr> <td width="292" align="left" valign="top" style="width:292px;"> <![endif]--> <div class="fluid" style="display:inline-block; width:100%; min-width:100%; max-width:292px; vertical-align:top;"> <table align="left" border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td class="pb8-12" style="padding:0 8px 12px 8px;" valign="top"> <a href="https://click.e.economist.com/?qs=e47b3087314b911402ff7d780c93054a0e921f64c69d6ad41a4a1b66a752a458aaeb850aa2d516d1cd3d49e364d4492f196b848c811cd7c4767f22f014ed4855" target="_blank"><img alt="Illustration of a man pinned to a wall by a house-shaped pin." border="0" class="fluid" height="" src="https://www.economist.com/content-assets/images/20230909_FND020.jpg" style="display:block; width:100%; min-width:100%; max-width:276px; height:auto; border:none;" width="276"> </a> </td> </tr> </table> </div> <!--[if mso]></td><td width="292" align="right" valign="top" style="width:292px;"><![endif]--> <div class="fluid" style="display:inline-block; width:100%; min-width:100%; max-width:292px; vertical-align:top;"> <table align="right" border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td class="econsans" style="padding:0 8px 4px 8px; font-family:EconomistSansLF,Roboto Condensed, Seravek, Arial Nova, Nimbus Sans, Arial, sans-serif; font-size:14px; color:#e3120b; line-height:16px; text-align:left;" valign="top"> <p style="margin:0; "> <a href="https://click.e.economist.com/?qs=e47b3087314b911402ff7d780c93054a0e921f64c69d6ad41a4a1b66a752a458aaeb850aa2d516d1cd3d49e364d4492f196b848c811cd7c4767f22f014ed4855" style="color:#e3120b; text-decoration:none;" target="_blank">Buttonwood </a> </p> </td> </tr> <tr> <td class="h2 serifLF" style="padding:0 8px 8px 8px; font-family:EconomistSerifLF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:23px; font-weight:bold; color:#121212; line-height:28px; text-align:left;" valign="top"> <p style="margin:0;"> <a href="https://click.e.economist.com/?qs=e47b3087314b911402ff7d780c93054a0e921f64c69d6ad41a4a1b66a752a458aaeb850aa2d516d1cd3d49e364d4492f196b848c811cd7c4767f22f014ed4855" style="color:#121212; text-decoration:none;" target="_blank">Should you fix your mortgage for ever? </a> </p> </td> </tr> <tr> <td style="padding:0 8px 8px 8px; font-family:EconomistSerifOsF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:18px; color:#121212; line-height:25px; text-align:left;" valign="top"> <p style="margin:0;"> <a href="https://click.e.economist.com/?qs=e47b3087314b911402ff7d780c93054a0e921f64c69d6ad41a4a1b66a752a458aaeb850aa2d516d1cd3d49e364d4492f196b848c811cd7c4767f22f014ed4855" style="color:#121212; text-decoration:none;" target="_blank">You can ignore rising rates, but you pay an arm and a leg </a> </p> </td> </tr> </table> </div> <!--[if mso]> </td> </tr> </table> <![endif]--> </td> </tr> <tr> </tr> <tr> <!--[if mso]> <table width="584" align="center" cellspacing="0" cellpadding="0" border="0" role="presentation" style="width:584px;"> <tr> [if mso]> </td> </tr> </table> <![endif]--> </tr> <tr> <td align="center" style="padding:0 8px 2px 8px;" valign="top"> <hr style="width:100%; max-width:568px; height:1px; margin:0; background-color:#d7d7d7; color:#d7d7d7; border-width:0;"> </td> </tr> </table> </td> </tr> </table> <!-- //ARTICLES (3) --> <table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"> <table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"> <table cellspacing="0" cellpadding="0" border="0" align="center"> <tr> <td style="padding: 0 16px 0 16px;" valign="top" align="center"> <a href="https://click.e.economist.com/u/?qs=b7ab0513df50927ce402229828278f715db68820b955cd35e749deb72b18913988172d356dc2c9b23986ceccffa857d54a5a1bb24187c45a8696249d434e2e25" > <img style="display: block; width: 100%; max-width: 600px; height: auto; border: none; padding: 0px; text-align: center;" src="https://pas.economist.com/view/2/51872/57851417e462c4aaa382616de415f6a6/2065744?ad_region=Africa&ad_country=Nigeria&send_date=01/03/2025&segment=4-NG" width="600"> </a> <img width="1" height="1" style="display: none;" alt="timer" src="https://pas.economist.com/t/2/51872/0033z00002rl1PoAAI/2065744?pid=1&ad_region=Africa&ad_country=Nigeria&send_date=01/03/2025&segment=4-NG"> <img width="1" height="1" style="display: none;" alt="trk_px" src="https://pas.economist.com/extt/2/51872/0033z00002rl1PoAAI/2065744?pid=1&ad_region=Africa&ad_country=Nigeria&send_date=01/03/2025&segment=4-NG"> </td> </tr> </table></td></tr></table><!-- ARTICLES (3) --> <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td style="padding:0 8px 16px 8px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td style="padding:0 0 0 0; font-size:0; text-align:center;" valign="top"> <!--[if mso]> <table width="584" align="center" cellspacing="0" cellpadding="0" border="0" role="presentation" style="width:584px;"> <tr> <td width="292" align="left" valign="top" style="width:292px;"> <![endif]--> <div class="fluid" style="display:inline-block; width:100%; min-width:100%; max-width:292px; vertical-align:top;"> <p> </p> <table align="left" border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> </table> </div> <!--[if mso]> </td> </tr> </table> <![endif]--> </td> </tr> <tr> </tr> <tr> <!--[if mso]> <table width="584" align="center" cellspacing="0" cellpadding="0" border="0" role="presentation" style="width:584px;"> <tr> <!--[if mso]> </td> </tr> </table> <![endif]--> </tr> <tr> <td align="center" style="padding:0 8px 0px 8px;" valign="top"> <hr style="width:100%; max-width:568px; height:0px; margin:0; background-color:#d7d7d7; color:#d7d7d7; border-width:0;"> </td> </tr> </table> </td> </tr> </table> <!-- //ARTICLES (3) --></td></tr></table> <!-- ARTICLES (3) --> <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td style="padding:0px 8px 16px 8px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td class="pb8" style="padding:0 0 16px 0; font-size:0; text-align:center;" valign="top"> <!--[if mso]> <table width="584" align="center" cellspacing="0" cellpadding="0" border="0" role="presentation" style="width:584px;"> <tr> <td width="292" align="left" valign="top" style="width:292px;"> <![endif]--> <div class="fluid" style="display:inline-block; width:100%; min-width:100%; max-width:292px; vertical-align:top;"> <table align="left" border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td class="pb8-12" style="padding:0 8px 12px 8px;" valign="top"> <a href="https://click.e.economist.com/?qs=e47b3087314b9114d35d9b2b0eaaae0fcadb4dd5dad7e313d51ea9fcc7e3565f10fb908802ab2a5ca56e6db83bf45f53ebc3212bb030f77220b9fbf0817fa1a7" target="_blank"><img alt="A home under construction at a development in Lemont, Illinois" border="0" class="fluid" height="" src="https://www.economist.com/content-assets/images/20230902_LDP502.jpg" style="display:block; width:100%; min-width:100%; max-width:276px; height:auto; border:none;" width="276"> </a> </td> </tr> </table> </div> <!--[if mso]></td><td width="292" align="right" valign="top" style="width:292px;"><![endif]--> <div class="fluid" style="display:inline-block; width:100%; min-width:100%; max-width:292px; vertical-align:top;"> <table align="right" border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td class="econsans" style="padding:0 8px 4px 8px; font-family:EconomistSansLF,Roboto Condensed, Seravek, Arial Nova, Nimbus Sans, Arial, sans-serif; font-size:14px; color:#e3120b; line-height:16px; text-align:left;" valign="top"> <p style="margin:0; "> <a href="https://click.e.economist.com/?qs=e47b3087314b9114d35d9b2b0eaaae0fcadb4dd5dad7e313d51ea9fcc7e3565f10fb908802ab2a5ca56e6db83bf45f53ebc3212bb030f77220b9fbf0817fa1a7" style="color:#e3120b; text-decoration:none;" target="_blank">Great Danes </a> </p> </td> </tr> <tr> <td class="h2 serifLF" style="padding:0 8px 8px 8px; font-family:EconomistSerifLF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:23px; font-weight:bold; color:#121212; line-height:28px; text-align:left;" valign="top"> <p style="margin:0;"> <a href="https://click.e.economist.com/?qs=e47b3087314b9114d35d9b2b0eaaae0fcadb4dd5dad7e313d51ea9fcc7e3565f10fb908802ab2a5ca56e6db83bf45f53ebc3212bb030f77220b9fbf0817fa1a7" style="color:#121212; text-decoration:none;" target="_blank">To fix broken mortgage markets, look to Denmark </a> </p> </td> </tr> <tr> <td style="padding:0 8px 8px 8px; font-family:EconomistSerifOsF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:18px; color:#121212; line-height:25px; text-align:left;" valign="top"> <p style="margin:0;"> <a href="https://click.e.economist.com/?qs=e47b3087314b9114d35d9b2b0eaaae0fcadb4dd5dad7e313d51ea9fcc7e3565f10fb908802ab2a5ca56e6db83bf45f53ebc3212bb030f77220b9fbf0817fa1a7" style="color:#121212; text-decoration:none;" target="_blank">Rising interest rates have exposed the problems with many home loans</a> </p> </td> </tr> </table> </div> <!--[if mso]> </td> </tr> </table> <![endif]--> </td> </tr> <tr> </tr> <tr> <!--[if mso]> <table width="584" align="center" cellspacing="0" cellpadding="0" border="0" role="presentation" style="width:584px;"> <tr> [if mso]> </td> </tr> </table> <![endif]--> </tr> <tr> <td align="center" style="padding:0 8px 2px 8px;" valign="top"> <hr style="width:100%; max-width:568px; height:1px; margin:0; background-color:#d7d7d7; color:#d7d7d7; border-width:0;"> </td> </tr> </table> </td> </tr> </table> <!-- //ARTICLES (3) --> <!-- ARTICLES (3) --> <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td style="padding:0px 8px 16px 8px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td class="pb8" style="padding:0 0 16px 0; font-size:0; text-align:center;" valign="top"> <!--[if mso]> <table width="584" align="center" cellspacing="0" cellpadding="0" border="0" role="presentation" style="width:584px;"> <tr> <td width="292" align="left" valign="top" style="width:292px;"> <![endif]--> <div class="fluid" style="display:inline-block; width:100%; min-width:100%; max-width:292px; vertical-align:top;"> <table align="left" border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td class="pb8-12" style="padding:0 8px 12px 8px;" valign="top"> <a href="https://click.e.economist.com/?qs=e47b3087314b9114b5f5aaa6dbcad1486227c153e46c37947d4776c1271227b4b69c801ed425389e14a8845c130da120179e958b2395ebe3d5b3974b6b9ff82c" target="_blank"><img alt="" border="0" class="fluid" height="" src="https://www.economist.com/content-assets/images/20240727_FNP501.jpg" style="display:block; width:100%; min-width:100%; max-width:276px; height:auto; border:none;" width="276"> </a> </td> </tr> </table> </div> <!--[if mso]></td><td width="292" align="right" valign="top" style="width:292px;"><![endif]--> <div class="fluid" style="display:inline-block; width:100%; min-width:100%; max-width:292px; vertical-align:top;"> <table align="right" border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td class="econsans" style="padding:0 8px 4px 8px; font-family:EconomistSansLF,Roboto Condensed, Seravek, Arial Nova, Nimbus Sans, Arial, sans-serif; font-size:14px; color:#e3120b; line-height:16px; text-align:left;" valign="top"> <p style="margin:0; "> <a href="https://click.e.economist.com/?qs=e47b3087314b9114b5f5aaa6dbcad1486227c153e46c37947d4776c1271227b4b69c801ed425389e14a8845c130da120179e958b2395ebe3d5b3974b6b9ff82c" style="color:#e3120b; text-decoration:none;" target="_blank">War economy </a> </p> </td> </tr> <tr> <td class="h2 serifLF" style="padding:0 8px 8px 8px; font-family:EconomistSerifLF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:23px; font-weight:bold; color:#121212; line-height:28px; text-align:left;" valign="top"> <p style="margin:0;"> <a href="https://click.e.economist.com/?qs=e47b3087314b9114b5f5aaa6dbcad1486227c153e46c37947d4776c1271227b4b69c801ed425389e14a8845c130da120179e958b2395ebe3d5b3974b6b9ff82c" style="color:#121212; text-decoration:none;" target="_blank">How Vladimir Putin created a housing bubble </a> </p> </td> </tr> <tr> <td style="padding:0 8px 8px 8px; font-family:EconomistSerifOsF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:18px; color:#121212; line-height:25px; text-align:left;" valign="top"> <p style="margin:0;"> <a href="https://click.e.economist.com/?qs=e47b3087314b9114b5f5aaa6dbcad1486227c153e46c37947d4776c1271227b4b69c801ed425389e14a8845c130da120179e958b2395ebe3d5b3974b6b9ff82c" style="color:#121212; text-decoration:none;" target="_blank">Prices have risen by 172% in Russia’s biggest cities over the past three years</a> </p> </td> </tr> </table> </div> <!--[if mso]> </td> </tr> </table> <![endif]--> </td> </tr> <tr> </tr> <tr> <!--[if mso]> <table width="584" align="center" cellspacing="0" cellpadding="0" border="0" role="presentation" style="width:584px;"> <tr> [if mso]> </td> </tr> </table> <![endif]--> </tr> <tr> <td align="center" style="padding:0 8px 2px 8px;" valign="top"> <hr style="width:100%; max-width:568px; height:1px; margin:0; background-color:#d7d7d7; color:#d7d7d7; border-width:0;"> </td> </tr> </table> </td> </tr> </table> <!-- //ARTICLES (3) --> <table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"> <!-- SECTION HEADING --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td style="padding:0 16px 16px 16px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td style="padding:4px 0 0 0; border-top:1px solid #121212;" valign="top"> <h2 class="econsans" style="margin:0; font-family:EconomistSansLF,Roboto Condensed, Seravek, Arial Nova, Nimbus Sans, Arial, sans-serif; font-size:18px; font-weight:bold; color:#121212; line-height:25px; text-align:left; mso-line-height-rule:exactly;"> <b>Also from <i>The Economist </i> </b></h2></td></tr></table></td></tr></table> <!-- //SECTION HEADING --> <!-- ARTICLES (1) --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td style="padding:0px 8px 0px 8px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td class="pb8" style="padding:0 0 16px 0; 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