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Howard
Bainbridge
If decent homes in London cost a maximum of £500k, the entire home-improvement part of the construction industry would be untenable.
We've got used to people (including me as I've just done it) spending many many thousands on extensions and loft conversions, safe in the knowledge that the money spent will come back as house value.
If the government were to increase house building to a level that house prices dropped, perhaps to more realistic levels like £500k, it would hit the economy pretty hard.
Probably a very London-centric view I'll admit.