lock in

Dr Colin Church, who led an independent review of incineration for the Scottish government which resulted in the ban, said: “‘Lock-in’ is a real issue, the energy-from-waste sector swears blind it’s not, but it is.”

Unlike other ways the government might provide aid after a disaster, flood insurance subsidy is a place-based recovery program that is designed to keep people in their communities, which can produce a lock-in effect.

The result is the so-called “lock-in effect” keeping people from listing their homes for sale.

That’s because though more owners are coming to terms with high rates, many will likely choose to keep their sub-4% mortgages — a phenomenon known as the lock-in effect.

If mortgage rates noticeably decline, the lock-in effect could lessen and bring more homes onto the market.