Worryingly, UK house prices rose by 1.3 per cent during December, according to the Halifax. There is a real danger the residential property market is on the turn. Improvements in October and November, when prices fell 0.7 per cent and 1.3 per cent, are being reversed. We can only pray that the downward trend will resume this month, fulfilling optimists’ forecasts of a 10-15 per cent slump in 2008. Hold your nerve, Merv. Keep those interest rates high.

I know the above paragraph sounds nonsensical. The assumption that rising house prices are good is deeply embedded in our culture. A belief in witches was too, years ago. Housing equity squats on the lives of Britons like an overfed toad. Most of us would benefit if it underwent a new year weight loss programme. We pay a heavy price for the delusional comfort that comes from owning expensive homes, both in loan charges and distorted personal priorities.