I would take CG over yields, but use yields as a proxy.
If yields are exceedingly low it would become cheaper to rent than to buy. You then need to take a view that yield growth will continue to underpin capital growth. So you start looking at disposable income among other things.
If yields are exceedingly low it would become cheaper to rent than to buy. You then need to take a view that yield growth will continue to underpin capital growth. So you start looking at disposable income among other things.