John Redwood says:
I have been a pessimist about UK commercial and residential property […] Residential prices have also fallen.
If falling house prices are a cause for pessimism, it is implied that Redwood would like to see high house prices.
The average house price in Britain — even with the current fall in prices — is around £220,000. But there’s no reason, with modern technology, why a decent quality starter home should cost more than £20,000 to build. The interest on a mortgage of this size, at a 5% interest rate, would be 20 quid a week, well witrhin just about anyone’s pocket.
But Redwood doesn’t want affordable housing. He apparently thinks only rich people should be able to afford a house.