Real estate prices are too high in many countries

Since 1990, residential real estate prices in relation to household consumer prices have risen by around: 155% in the United States; 95% in Canada; 110% in the United Kingdom; 15% in Germany; 80% in France; 40% in Spain; 60% in Italy; 180% in the Netherlands; 190% in Australia. They have fallen by 25% in Japan. So there has been a very significant rise in relative residential real estate prices, except in Germany and Japan. This rise is the result of the low average interest rates on mortgages relative to the rise in real estate prices, and the fact that the number of homes built is insufficient to meet demand. It has a number of serious adverse effects: Reduction in disposable income for uses other than housing; People moving out of city centres , increasing journey times; Unjustified enrichment of homeowners; Young people no longer being able to buy a home; Households being pushed into excessive debt.