FOR some time we have been reading letters for and against affordable housing policies. I suspect that the situation will soon resolve itself.

When we look at the property market, it is not difficult to see just how overvalued housing stock is when compared to average incomes.

This has been a trend caused over many years by greedy investors, easy credit and careless lending.

In the UK, this has been helped along by the preconception that owning property is a good thing and will always pay off in the long term.

The world’s money experts are predicting that when the pending financial chaos finally impacts the UK, we are very likely to see a real recession start to bite.

This situation could only result in all overvalued assets reducing in value until they reach an affordable level. Hence housing, among other things, should eventually become affordable.

PL Hart, Springwood, Haxby, York.