One thing that keeps me confident (even worried) about house prices: We have now got used to not demolishing old houses. This is a BIG problem. Look at London.

One thing that keeps me confident (even worried) about house prices: We have now got used to not demolishing old houses. This is a BIG problem. Look at London. Yes it has a mud base layer, but we can manage nowadays. Yet the whole city is still mostly 2 storied houses. And it's growing out like crazy. I don't see how this trend will revert, in any "beautiful" European city. The only way prices would go down is if we had a popultion decrease. Immigration will not let that happen.