There is something special about "bricks and mortar". But apart from the emotional side, a good stocks investor could easily beat it as an investment. Without the illiquidity, the tie, the maintenance and the dealing costs.

Gearing though comes easier.

Even though my view is the ratio of house prices to income is a source of numerous long term problems in the country, I’d guess a low probability of a major correction for the following reasons:

- gov wants moderate inflation and needs low interest rates
- house price inflation is a component of GDP. With the COVID and, likely, brexit damage to GDP, the gov will not do anything that would adversely affect residential property. More likely the opposite.
- house price growth does not directly affect inflation

Not familiar with property prices in your part of Devon, but a recent series on TV highlighted the plight of Cornish fishermen, who fear their sons, whom they hope would inherit their fishing boats, will not be able to afford to buy a home anywhere near the ports they work out of. The ultimate scenario would be the fishing industry in rapid decline, which in turn would affect us all.

It seems logical to me there should be some kind of control over house prices in an area where living in your place of work is vital, and that people from wealthier areas of the country should not be able to purchase property in such areas, as second homes which probably lay empty for much of the year.

I imagine the important fishing port of Brixham in Devon, has the same problem?....If so, why aren't local MP's hammering away for some kind of legislation for a price limitation on properties needed for local fishermen (and others in vital trades for the area)...and certainly for them to be given purchasing priority over wealthy visitors. After all, if people are wealthy enough to buy second homes in the area, then they are also wealthy enough to stay in a local hotel for their visit, thereby benefiting the local area with their custom.

Maybe there will be a house price crash however what I have observed looking for a new house from October 2020 to May this year:

1. The buyers we have been up against have been cash buyers or people with significant 40% plus deposits

2. Desirable family homes are often getting 15 - 20 + offers, almost all going for above asking price

3. The area has basically built no new houses over the last 2 decades and there is no plans for any significant development, there was a supply issue before COVID, now it is at proportions never seen in this area

4. The people buying these 750 to 1.5M homes are not on furlough and the stamp duty freeze is of minimal significance

This suggests to me that prices could go a lot higher yet and predicting a crash could be a fools errand.

market in my part of outer london is healthy but not the above. i dont evern remember the above between 2000-2006 when the market was on steroids. tbh the above sounds dubious, not least this...

The estate agent also ties in the buyer - writing into the contract that they will have first refusal on being the agent of any future sales of said property.

pretty sure the above would be illegal and certainly against the unfair contracts terms et al, The property ombudsman would strike against this.