I live in the Cambridge, UK. Since 2012 it feels like very many things doubled in price: houses, FTSE shares, food, classic cars, software engineer wages. I guess what really happened is someone printed a lot of money and a pound sterling is worth about 60% as much as it was before.
However, because the percentage increase applies broadly (though not uniformly) across the range of homes in your area, it is harder to upgrade (this may hit you from both sides, the house you want is getting further out of reach, and your house is getting further out of reach for the prospective buyers of your current house).
If you are already in the house you want to stay in until you leave feet-first, then the change in value is irrelevant.
If you are in an area with rocketing prices, and you want to move somewhere more stable, then you are on to a winner as long as the situation continues.
If you are in an area with rising prices and you want to upgrade within the same neighbourhood, then if the situation continues, you will eventually find yourself stuck.
That is really, really bad.
Great for homeowners, shit for everybody else.