I understand what you are saying, but you have to live somewhere, and then you have two options, to rent a house or to buy a house. Because the interest is so low, it's cheaper to buy a house than to rent a house. Besides, in the Netherland's you can deduct the interest from your income before tax, so you pay about half or 40% of the interest yourself. So that's why many people still buy a house I think!
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Agghh responsibility, and being tied down doesn't appeal!
House prices went up hugely in the 2000s. For graduates around that time, like myself, the prices looked ridiculous in the UK - although not as bad as they do now. It's nice to have a deposit, something which not many of the younger generations have, unless supported by family (who have 1/2/3 properties which have since quadrupled in value!).