Many people reading this piece will own their house or flat. It will often have been bought through the biggest financial transaction of their lives, and be the biggest asset they have. To suggest that your home is a part of your investment portfolio almost misses the point – it is home.

So when I argue that you should not invest more in property I am not suggesting that you should sell your house to diversify away from this value concentration risk and put the money in global equities or other diversified investments.