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That is true in the very long term. But those factors have been present as long as I can remember and they have not prevented corrections occurring. History suggests that the affordability constraint cannot keep rising indefinitely.The 89/90 negative equity crash was at an affordability index...

There are three key factors here in my view: 1. The flexibility of the labour market means that for many employers, it is easier and less risky to employ workers on poor wages and often zero hours contracts, rather than investing in long-term training for people who may then defect to a...