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The UK relies heavily on the increase in property prices to create the impression of a growing economy. It is fair to say that some inflation in property prices is not necessarily a bad thing. As a property increases in value, the debt taken out to purchase the property is reduced as a percentage of the value, which helps the own an asset that offsets some of the interest payments made on the mortgage.
However once the increase in house prices outstrips most buyers ability to buy and where the demand outstrips demand, the market will tend towards a rental market where those with large amounts of capital can exploit those with little or no capital. A rental market is not a bad thing in itself, but it must be guaranteed by a good supply of properties and legislation that ensures reasonable protection of the tenant.
This section covers the domestic property market and how house inflation has become so integral to our economy that government policy defends the speculators to ensure the economy doesn't crash. The cost in keeping an over heating economy from collaspe is a growth in substandard housing conditions, un-manageable personal debt and a market that threatens to bring the economy crashing down around our ears at any given time.
https://www.bbc.co.uk/news/business-45487695
Inflating prices
First time buyers
Extracting the asset
