Andrew Sentance, a Monetary Policy Committee member, no less, compares the 80s housing crash to the 90s housing crash, and points out that a shortage of property during the 80s crash, as opposed to a surplus ten years later, meant that prices bounced back and rose much quicker.

"In terms of the balance of demand and supply in residential property, most of the evidence suggests that the current position is closer to the early 1980s situation than the early 1990s."

He points out how quickly house builders cut back in the previous decade and suggests that - with continued low interest rates - the future may be one of house price growth.

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