As far as advocates of sound money are concerned, the UK housing market peaked in 2005. Since then it has fallen by more than 70%.
Yes, 70%. House prices are now at levels last seen in the early 1990s, at the bottom of the last bear market. The average house price is currently 25% below its average of the last 40 years.
“But, but, but,” I hear you say. “The housing market has barely fallen. The latest Nationwide and Halifax data has been showing year-on-year price rises. The crash never really came. This is insane. You’re talking rubbish.”