[weichi]

I like the thought process here (looking at aggregates), but this analysis is simplified to the point of uselessness. For example, since you are talking about houses I think the relevant quantity is average wealth per household. The average household size in the UK was 2.3 in 2011 [1], so that's £395,600 / household, reversing your conclusions.

I'm sure other considerations could push the results in both directions. To draw any conclusions from this type of analysis, one needs to think much more carefully about this question than either of us have done. Surely there must be economists who spend their careers addressing these types of questions?

[1]: https://www.ons.gov.uk/peoplepopulationandcommunity/populati...