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or a service based economy. also technology has been massivly transformative in work. often changing the physical labour effort involved in work rather than hours one is asked to work. we have at the same time also increased our expection of leisure time, requiring more services to do something...

thats interesting information, do you know the source? the median price comparison a poor, not just regional difference, there's earnings and market segment differences. for example median income first time buyers are not buying at median house prices.

those are additional factors, the underlying cause of prices is lack of supply. theres a good market signal for this, the price of land. last time i checked planning increased value 60x. that tells us there is massive shortfall of land for development, before we get into all those other factors.

not quite fair. predictions were based on assumption of poor recovery after covid, employment down, growth sluggish. but the recovery has been quite perky, employment risen (higher then pre-covid), growth is robust. that reflects in the housing market as people feel confident to move, or dont...