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Woodstockjag
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Given the substitutability higher up the housing ladder, surely if your analysis holds true it simply means that there would be a sort of "trickle-down" pressure on house prices across the spectrum? If people can expect to be able to get a mansion for £1.9million as house prices at the top get squeezed down, it diminishes the relative value of houses £200-300k below that and so-on, finally putting downward pressure on the ever spiralling property market. Part of the problem we've had in recent years is house prices rising well above inflation. Anything that dampens down property speculation and reduces the levels of debt people are interested in taking on to pay for it can surely only be a good thing.
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Mar 9, 2012