I agree! The key point is so many people look for house appreciation as the main driver to saving. I think even in a flat market the fact that a large percentage of your monthly 'accommodation' payment is going into saving (capital repayments) plus of course interest is far better in the long run than renting. The only way I could see this equation working for a renter is if you rented a house cheaper than what you would have had to pay mortgage on and then pay the difference into a saving vehicle (shares/interest bearing bank etc).