DannyF - If you look at property over the long run it should run just above inflation (say 3.5% p/a).
In the data below ive taken 1987 as a base year and then compounded various growth rates onto it until 2022. If you agree house prices should only just outstrip inflation (circa 3.5%) the new median comes out pretty close to the original call of 240k.
In the long run house prices should come back in line between the green and the red lines below:
This chart isn't mine so credit to the original poster :)
