[JohnW]

Well Bazf, we are going to have to agree to disagree on this one. I don't doubt your knowledge, as you say it is your area of work, but, raging inflation on house prices which are not accompanied by substantial increases in wages spells trouble. If I'm earning $50K per annum and purchase a $150K house which in four years appreciates to $250K, then the number of people who can afford to buy my house goes down if wages do not increase. This causes the market to become slow and that causes house prices to drop. I am aware that this is not the only factor involved and that there are regional influences, but it contributes very highly to the problem.

You say people are not in a position to borrow minimal amounts on their houses because we have bred a "want more" society. My answer is, that they should curb their "want more" until they can afford it. So, in fact, they ARE in a position to do it providing they do not live beyond their means. It's all a matter of self-disciplin. As Mr. Macawber said, "Annual income one pound, annual expenditure one pound and six pence, result misery. Annual income one pound, annual expenditure nineteen shillings and six pence, result happiness." I'm sure you know your Mr. Dickens just as well as, if not better than, I do.