The great housing bubble of the noughties hasn’t finished deflating yet. The readjustment process is continuing, with prices falling in real terms – and there is still a decent way to go... Even though cash prices are down 18 per cent from their August 2007 peak, according to the Halifax, the cost of residential property compared to incomes remains higher than it used to be. The average house now costs around 4.45 times average annual incomes, well down from the peak (5.81 times in July 2007) but still above the post-1983 average of 4.0 times.

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