Folk have been saying that house prices must come down for ages now.
It came as a senior executive at Nationwide, one of the country’s biggest mortgage lenders, suggested that house prices could drop as much as 30pc next year in the worst case if Britain is plunged into a protracted recession.
The reason they got so high – given the planning restrictions – was because the time value of money has been pretty much nothing for near two decades now. So, the time value of money goes up, house prices come down, problem over.
Those same people are going to be bitching just as loudly as before. Therefore it wasn’t actually house prices they were bitching about, was it?