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The mortgages, on average, are worth almost 95% of the underlying house.
Cook said much of the increase in the number of homes sold for more than £1m over the next few years would be organic, driven by underlying house price growth.
To make matters worse, roughly a fifth of the nation's home loans exceed the value of the underlying house, raising the risk that homeowners will simply walk away, further weakening the housing market.
This article provides a detailed analysis of the practical interests underlying house numbering and explores the surprising symbolic potential of house numbers.
"Increasing demand is combining with very low supply to drive robust underlying house price growth.
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"Bank of America needs an improvement in the underlying housing market," Shannon Stemm, a bank analyst at Edward Jones, said.
Yet the government response so far has been to try to prop up insolvent financial institutions while doing nothing about the underlying housing problem.
But looking through these temporary movements, underlying housing activity appears to have firmed only a little since mid-2009, with activity being weighed down, in part, by a large inventory of distressed or vacant existing houses and by the difficulties of many builders in obtaining credit.
Doesn't a strained limit of consumer purchasing power, in addition to lending and derivatives practices, ultimately underlie the housing crisis?
But the domestic consumer economy has been miserable, with the volume of household consumption falling in every quarter since the beginning of 2011.The underlying factor is housing debt: total Dutch household debt amounts to 110% of GDP.
This tells us that the underlying demand for housing hasn't soared, just the prices.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com