I think this applies to the UK possibly even more so than in the US!
In the UK you can add to the list that people are obsessed with home ownership!
And the planning laws here are even more draconian.
And developers buy up potential development land and just sit on it, and don't apply to build anything if they sniff any indication of a property slump!
That later factor may well be the most important.
However, I would have thought in the US there is far more potential in the UK to move around and take advantage of regional price variations if you want to get on the property ladder, or even develop a portfolio?
That's what I did when I bought my house - I shit you not I correlated the regional property price index with the quality of life index (measures crime, access to schools and so on) shortlisted 6 cities and bought in one of those that I liked the feel of - my thinking was that when people seek to leave London they'll go to one of these nicer outlying places.
I think everyone needs at least one property. Otherwise rent is just someone else's wealth!
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