no boggle eyed spittle spraying please, page-10

Miles,

OK so the reason it will stabilise is because there is this supposed ceiling on affordability.

The argument is that the average house price as a multiple of the average wage can only reach a certain level.

The fact that this existing level is being (at least maintained) suggests that, at worst, for existing property investors the price will stagnate. How am I doing so far?

I'm guessing that the forecasts (by others, not by MilesG) that prices will drop 40% can now be dispensed with before we move on with this discussion. Agreed?

(More to come)