In their own words.

While googling around for something else, I chanced across an article in The Guardian:

Fionnuala Earley, residential research director at estate agents Hamptons International, said: “House prices have completely outstripped income growth.

“The biggest factor is that in the run-up to the crash, interest rates were low, so you could afford to service a bigger mortgage then.

"There was also low inflation on essentials like food, fuel, transport and utilities, so people had more money in their pockets and were able to gear up for bigger mortgages.”

Yet again, the Homeys cheerfully admit that most of the gains of economic growth go into higher land prices.