To answer that question, we have to look at the economic situation of the households in its entirety. Over the years, interest rates have dropped markedly. The government mentioned it, as you did. I lived through it too, not when I bought my house, but a lot earlier. Interest rates were high.
The drop in interest rates has improved access to property. The price of houses then started to go up. When interest rates go down, house prices go up. So is access to property better now than it was 20 years ago? It is difficult to answer that question with absolute certainty.
We are seeing some effects today: interest rates are low, but household debt levels are high. When I entered the labour market, it was very difficult to find a job. Now, my 19-year-old daughter drops off a resumé or two and gets a job immediately. Access to property is a little difficult because of the high prices, the level of household debt is high, but the labour market is very solid.
As every good economist could say, you have to look at both sides. Even though household debt is a particular concern, especially at the start of a period of increasing interest rates, the labour market is very solid. That makes me optimistic as to the capacity of the households to pay back their debts, if interest rates increase as we expect. As economists, we also know that we are often wrong.
The concern would be if interest rates continue to increase and exceed the rates we are expecting in the medium term. The problems for households could then be excess debt and the inability to pay it off.