" All of these would seem to be likely to put downward pressure on property prices."
Yes.
"Is that because the real value of existing loans is reduced?"
Yes.
Is this potentially why we are seeing growth in the stock market?
The concept of a present discounted value (PDV), which is defined as the amount you should be willing to pay in the present for a stream of expected future payments, can be used to calculate appropriate prices for stocks and bonds.
When de discount rate is zero the present value is the same as the future value so the appropriate price goes up. At the same time the opportunity cost of holding stocks versus investing in fix interest securities goes down. All this if, of course, everything else stays the same.
