I noticed that the house opposite me was up for sale. Given I'm my fathers son I nipped on the internet to see how much it was going for. No I am not thinking of buying it I'm just a nosey so and so. I had always assumed mine was worth about xxx,xxx and was surprised to see this one on the market for a good 10% more. Surprised because mine was actually 5% dearer when they were built!
House prices really shock me. The flat I bought when I left home at 22 has gone up at about the rate of my salary so I could afford the mortgage to buy it now but the 22 year old Pete today wouldn't have a hope! I do worry how people cope. I guess they are just loading themselves up with debt and desperately praying that a) interest rates peak soon and b) they keep in work.
The problem is that people "dahn sahf" eventually decide to sell up and move "Oop North" to buy a comparatively cheap property and live on the profit when they reach a certain age. Thus pricing the locals out of the market.
I remember a few years ago looking at houses in Lincolnshire and commenting how cheap they were. The locals looking at the show house at the same time gave me a frosty look!! But they were lovely houses that down here would have been hellishly expensive.
It must be a worrying prospect if you are young, either rent and "waste" your money or take on 6 figure debt.