It’s not about the last 70 years; it’s specifically about the last 10. House prices are affected by a lot of factors at all times, but my point is that the dominant one in recent history has been the prolonged near-zero rates, which has allowed for quite a lot of money to be created. So what happened before that is, largely, irrelevant because there were so many other confounding factors. But run it through your head for a minute. If interest rates are 1% (to the consumer), a person can afford to borrow X. But if interest rates are 5%, then they can afford to borrow a lot less than X. It’s not the only factor, and the pressures from Buy-to-Let loom large here, but I think it’s really easy to see just what has happened in recent history with historically low rates. Your 70 year data is irrelevant .
It’s strange that you would quote Molior supposedly in support of your argument, given that their data shows the exact opposite. Oops.
I don’t concede it because I never denied it! Because it’s obviously true from the data. But it’s assuming that the trend will continue that’s flawed.