Except, of course, house price rises can only be cashed in if you sell up/downsize.
The main effect is moving the ladder further away from first time buyers, and making it more difficult to upgrade.
( my other username is a porsche , posting shit pictures so you don't have to, Wed 1 Jul 2009, 21:44, archived)

Or, like we did, move to an area with lower house prices.

( mns 2️⃣2️⃣9️⃣0️⃣7️⃣, Wed 1 Jul 2009, 21:46, archived)

Same effect as downsizing, I suppose.
I think it's a mistake to think that rising house prices are a particularly good thing, though. Certainly the rises that were happening a few years ago.
( my other username is a porsche , posting shit pictures so you don't have to, Wed 1 Jul 2009, 21:48, archived)