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Indeed, which is why it's not necessary for houses to increase in prices continuously. That may be a red herring for homeowners but it's not a red herring for people like me who can't afford a house.

I agree completely. There are various reasons why house prices are going up (the double-income trap being one, which might be slightly blunted if people re-prioritise their work/life balance due to Covid). I think the red herring I was referring to was seeing an increase in the value of someone's primary residence as an increase in their realisable assets.

I agree, but shoes and beds are not thought of like investments, and the prices of shoes and beds are probably going down in real terms rather than up at a startling rate. I only support a tax like CGT in its capacity to curb the use of property as an investment and to limit growth to match wages/inflation.

I think houses as primary residences are "Vimes Boots"-type investments. They don't effectively make you ready money, but they greatly reduce your expenditure, while providing you with something you need. The challenge is to find a tax that reflects the fact that a (first) house is a home, rather than just an investment vessel.

You don't need to explain that to me! I feel this pain every month when a large chunk of my salary goes down the drain

With you there! I'm renting at the moment too.