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sensible.
rationale suggests that we can't go on with negative real rates forever, but as the old adage goes the market can stay irrational for longer than you (ie those betting against) can stay solvent.
The housing market has managed to stay irrational for much longer than anyone thought possible, 20 or 30 years ago.
ChasnotRobert
Realistically I won't make a move until after the general election this autumn, at which point we'll have a better idea of the damage.