"While I expect prices to hold near current levels, and later continue to rise in line with growth in incomes, we are not likely to see them double and redouble any time soon."
Again this answer ignores the large disconnect btw income growth and price rises that have occured in the last decade------> this is why you are seeing house price declines currently. Rises in prices above real income growth on the level of the last decade is unsustainable....it doesn't take a smart person to recognise this fact.
That is why this correction is occuring. House price falls are the path of least resistance. The ability of landlords to raise rents and growth in real incomes will determine how far prices fall, but they will fall and possibly stagnate until wages growth and yields catch up.
