Sailormoon,

I can't answer your question but interesting things I have learned reading around this subject :

- Since WWII in most of the west house prices have risen in real terms (meaning as a percentage of average wages, compared the food bills etc, so not just inflation.

So many people think that's the way it works, but data on the price of housing going back to the 1600s says this isn't the normal state of things, house prices stay constant in real terms.

- Check whether you are relying on the 'bigger fool' principle. If you could rent a nicer place for less (don't forget maintenance and taxes) but are only buying because you think someone else will be willing to pay even more, even though they could rent somewhere nicer. Question whether that's sustainable.