First, they admit a few rogue estate agents might have been a little willfully extravagant with their valuations, and then the president of the NAEA, Christopher Hall, releases this:

For the long term, I have reason to believe, and am confident, in the average house price increasing by up to 100% over the coming 10 to 15 years so my advice is to continue to invest in bricks & mortar.

He's "confident". He has "reason to believe". He clearly knows something we don't. Perhaps he's actually an estate agent from 2016, just visiting 2006 after a traumatic accident. Go here to read the pres's very upbeat UK housing market state of play, in which even Gordon Brown's SIPPs u-turn is a good thing for the housing market...

Brown's S(L)IPP up [December 8]
SIPPs - it's a scandal [December 6]