Affordability is the biggest issue in housing. As supply comes back on stream, demand also appears to be ebbing away, which has much reduced the pace of price increases. Lower mortgage rates won’t save us, and a mismatch in creditworthiness further complicates matters. Behavioural effects are crucial here and remain tricky to read as we stop-start our way out of Covid. One thing is clear: we can’t afford to take our eyes off housing as a driver of both growth and inflation.