The problem with the point about house prices is that in most cases, that is the only thing of any real value people own. Pensions are worth nothing unless you work in the public sector, I fully expect to have to sell my place to be able to even contemplate retiring. Also, if you think back, the worst economic problem we have had in recent times was when house prices were allowed to fall, creating negative equity, a stagnant property market, and economic collapse. I'm not saying housing isn't overpriced, just that I cant see an alternative which wouldn't make things even worse.