Why can't people get their heads around this little fact? Someone's first home is not an investment, it's their home. It matters not one iota whether it gains or loses market value unless it gains well above the market average.

It makes a huge difference if you move to a cheaper area. Prices are still climbing in my village because of London types who have made a couple of hundred K over the last couple of years - which makes for a very handsome deposit in this part of the world. So they can move here and get much more space, for less money.

If you're stuck in London that isn't an option. But a good percentage of London types have at least some mobility, so the effect can spread.

There's also the holiday/weekend/foreign home syndrome, which spreads the price rises even further to other properties which aren't a main home.