We also have some very odd taxation in the UK with regards to property.

We have Council Tax (similar to property tax), which is a monthly charge for local services. Oddly based on house value in 1991 and regressive (richer you are, the less proportionately you'll be paying).

Stamp Duty, which is a tax on buying a house. We punish people for moving out of houses that are larger than they need, to a smaller one.

So we've got generations of people who weren't particularly rich, but have ended up in very valuable houses - and there's simply no incentive for them to get out of them.

We've sprinkled on some incentives to help first time buyers, but they're massively outweighed by the lack of 'stick' applied to the other side of the market.