This to me is the thin end of the wedge - we live in financially frightening times. When I bought my first flat (2 double bedrooms, separate kitchen, allocated parking space) in 1998, it cost me £35K. A single graduate engineer on £16,500 (which was my starting salary) could afford a mortgage on that, plus I had minimal debts from Uni because I was one of the last years for whom Uni was free, and I got a full grant. 17 years later, the same flats in the same block are are selling for £180K. That's roughly a 500% increase in 17 years, while starting salaries in the engineering industry have increased by about 30% in the same period, and Uni is £9000 per year, and you can't get a grant anymore. It's patently insane; and it's not "real" money, because when you're on the housing ladder, you are buying and selling in the same market, so it wouldn't matter if the flats were £1.80 each or £180,000,000 each! It just fuels the debt culture which, one day will go BOOM in a very very big way - it will make the 1927 stock market crash, and the crash we've just had, look like penny bangers. that's why the BOE dont dare raise the base rate from its all time low... they know people are already overstretched and on the brink, so any rise in the base rate will bankrupt a large portion of the population.