Sorry, I've just realised that I am essentially saying the same as JohnC above.

Also does the fact that I cannot move up prevent someone else getting on the ladder - would the whole market not become hopelessly illiquid? We hear a lot about "City Bonuses", but in order for the market to work smoothly, there needs to be a chain (and let's assume for the time being that there is a chain, as there is in most cases, and exclude retire to the country, new build etc.) and if it gets stuck in the middle, the whole lot could seize up.

Out of our now magnificent total of subscribers to this site, will anyone admit to being an estate agent and explain the market?