As regards property prices, people have got accustomed to the idea that they buy a house and then make a large profit on it when they sell. Sadly, those days are gone, I believe. At best, I can see stagnation in the housing market for the next 5-10 years, at worst, a slow but relentless decline in property values. Prices have become so detached from average earnings that it needs a large fall to realign them. A 3 bedroom semi should cost no more than about £70,000.