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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 market value, which helps the owner of an asset offsets some of the interest payments made on the mortgage. The intrinsic problem with house price inflation is that the value bears no relation whatsoever to its actual physical bricks and mortar cost. There is something fundamentally wrong with a society that marketises that which is integral to quality of life and even to survival. It is so ingrained in our society we have stopped seeing the madness.
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