[Nacraile]

I don't think you can reasonably claim that the market for houses above 750K-1M is independent of the market for houses below.....

[AlexandrB]

Maybe, but what's the mechanism for government guarantees below a certain range increasing demand above that range? Someone who can only qualify for a mortgage because it's guaranteed by the government isn't going to be able to make the jump into a non-guaranteed mortgage easily.