I can’t think of a good reason why people who own one home to live in should care about the average property price. If it goes down then the house they would sell & move to are both cheaper. Less stamp duty etc.
It only seems to matter when you want a big asset to borrow against or if you treat it as an investment that makes money by appreciating.
There are a lot of people who aren’t able to make that logical step. Home ownership is a rite of passage in this country, mainly because renting is awful for many. When the media frames house price rises as positive, which was the framing for much of the previous 3 decades, many people accept this without question.
I can’t think of a good reason why people who own one home to live in should care about the average property price. If it goes down then the house they would sell & move to are both cheaper. Less stamp duty etc.
It only seems to matter when you want a big asset to borrow against or if you treat it as an investment that makes money by appreciating.
There are a lot of people who aren’t able to make that logical step. Home ownership is a rite of passage in this country, mainly because renting is awful for many. When the media frames house price rises as positive, which was the framing for much of the previous 3 decades, many people accept this without question.