Rather surprisingly, Richard Grant, a retired estate agent (‘Uncertain property market’ - 8th September) asks us to comment on housing. He raises some important questions concerning what affects their price.

There are more houses, flats and apartments being built than are needed to house ordinary people. However, they are mostly outside the scope of ordinary workers to either buy or rent.

From The Guardian “Property wealth in Britain from second homes has risen by more than 50% over the past two decades to reach nearly £1tn, according to a report that indicates growing inequality across the UK. Total property wealth for UK residents from second homes, buy-to-let investments and overseas property has risen in value from around £610bn in 2001 to £941bn.

The number of British adults in families who have wealth from properties additional to their own home has risen by more than 50% this century to reach 5.5 million – around one in 10 of the UK population. Of the estimated 23.2m households in England, 14.8m or 64% are owner-occupiers, down from a peak of 71% in 2003.”

These figures demonstrate that like precious art, property has become yet another investment ‘bubble’ with multi-ownership of houses. Many of them are let to people who rely on Housing Benefit to pay the rents via our taxes.

The government in its lack of wisdom promotes the building of more and more houses for which there is no real demand knowing they will be snapped up in no time by landlords either to rent out or as somewhere to go for the weekend. The wealthy can’t miss an absolute bargain. On our behalf the government guarantees to pay the rents via about £22 billion per annum in Housing Benefit and their market prices rise all the time since it’s not much different to bitcoins!

Before your readers get seduced by such ‘easy pickings’ and rush out to buy yet another house, they should realise that all bubbles burst as surely as Wall Street crashed in 1929 and the sub-prime housing collapse in 2007 which brought the global economy to its knees.

I believe that there is an almighty slump in house prices waiting to happen which will be good for everyone. Houses are to live in, not to profit from. It will be great for those who want somewhere affordable to rent or a mortgage they can sustain. Just think how many council houses could be built with £22 billion a year to spend. That’ll ‘bring the house down’!

Mike Joslin