good luck steve getting your 30% below current market value...

good luck steve getting your 30% below current market value house ,you may be waiting a while.
one thing you fail to take into account is many people at present are earning far in excess of 60k pa ,many couples(both employed) are earning in excess of 100k pa -more than enough to pay the mortgage and run a household.
on that 100k many are tied to agreements where their income is indexed to receive a 5% pay increase per annum thereby taking more pressure of the mortgage and family costs as time goes on,in many cases these days an interest rate increase would have very little effect(although there are some who are overstretched)on the majority of households.
good luck anyway,perhaps a couple of years if things turn real nasty.