We tend to think that obsessing about house prices is a Brit-thing, but the relentless (for now) rise in the value of homes is a thing in the US, Canada, DownUnderland and Scandewegia, too. They’ve shared the same highs and disadvantages as us, nothing on the market, bidding wars for what there is, first-timers not affording anything, those sitting tight thinking they’re rich. It is now, however, unravelling in a few of those places, with prices falling, interest rate rises biting, and reality setting in. As it always does, alas. What goes up has to eventually bump against a ceiling of some kind. So if you have a home, be glad for those who might now be able to afford one.
As rehearsed many times, I’ve been a house price doom-monger for many a month. As with those who forever forecast a stock market crash, it was inevitable that I would eventually be right. Stopped clock syndrome and all that.