Doctor Drivel wrote:
In 1939 it probabaly costed £500, now maybe worth £500,000. What have they
done to earn that 0.5 million?
NOTHING.

Yes, but in 1939 the occupiers could afford to buy a £500 house. They
probably can't afford to buy a 1/2 million pound house today.

Real-world example: in 1992 I was able to buy the house I live in
for £40,000. There is absolutely no way I can afford to buy it
today. According to neighbouring sales, my house is worth £160,000.
There is absolutely no way I can afford a £160,000 mortgage. My
income has no way near gone up four-fold, so where do I get the
money from to pay a four-fold increase in property tax?

The standard answer is "move somewhere cheaper", but this *IS*
the "somewhere cheaper". If I sell for £160,000, I have to then
spend that £160,000 to buy a replacement place to live.

JGH