 The downturn was exacerbated by the global 1973–74 stock market crash, which hit the UK while it was already in the midst of the housing price crash.On 19 December 1974, a rent freeze by the Edward Heath government which had lasted since 1971 was ended, and the Bank of England, which had severely restricted the supply of credit for housing in 1971, released more funds.While housing prices and lending recovered in 1975, inflation continued to rise, leading to greater economic, labour and political problems for Britain.