A remarkable number of people are, it seems, putting off bringing their property to the market because they have the expectation that house prices will recover significantly over time. They may be in for a long wait. In the past house prices have bounced back courtesy of wage inflation which had the effect of eroding the true cost of servicing debt. This time round there is no sign of wage settlements even matching increases in the cost of living. To make matters worse we have head winds caused by an ageing population which inevitably means higher taxes and a further squeeze on disposable incomes. So even if credit conditions relax then absent a big rise in wages most people will not be able to take on debt at a level that would result in upward pressure on house prices which are presently being supported by a combination of low supply and ultra low interest rates. For those of a certain age who want to downsize and get on with their lives maybe waiting is not that good an option!