Of course he does. He thinks house prices are going to go up. They always go up, don't they? If he didn't, then he wouldn't buy.

Okay, yes, that's true.  I was thinking more along the lines of how it impacted his real interest rate at a given price.  But you're right.  He'll be thinking about the price of the asset, too.  Really, though, I don't think that's going to impact him much unless prices are moving strongly in one direction or another (like they are now).

But IMHO he asks for his wages to go up to restore the status quo ante. Not to pre-empt inflation.

I completely agree that's his initial move.  He's falling behind, so he asks for a higher wage.  But I suspect that, if the inflation is sustained, he'll think of the future to some degree.  I don't think it's an either/or kind of thing.

Be nice to America. Or we'll bring democracy to your country.