The death of Asos co-founder Nick Robertson reminds us of Britain's retail revolution. But while Robertson and others built fashion empires, the property market that underpinned those fortunes tells a different story today.

House prices fell by £49,000 between 2021 and 2022, dropping from £1.45 million to £1.40 million across Britain's most expensive areas. (Source: Office for National Statistics, House prices by local authority)

This isn't a gentle correction. It's the steepest single-year drop in the dataset, wiping out three years of gains in twelve months. The same properties that rose £74,000 between 2018 and 2021 suddenly reversed course.

For context, Robertson co-founded Asos in 2000, riding the wave of Britain's digital transformation. The timing mattered. Property prices were climbing steadily then, creating the wealth that funded risk-taking and entrepreneurship. Young professionals could afford London rents while building businesses.

That world is disappearing. The 3.4% drop in 2022 represents more than market volatility. It signals the end of the property ladder that allowed people to build wealth while pursuing ambitious projects.

Consider what £49,000 means. It's more than most graduates earn in their first year. It's the deposit many were saving towards homeownership. It's the equity that previous generations used to fund new ventures or weather economic storms.

The pattern is stark: steady growth from 2018 to 2021, then a cliff. Properties worth £1.34 million in 2018 climbed to £1.45 million by 2021, before crashing to £1.40 million in 2022.

This affects more than wealthy areas. When expensive properties fall, the entire market feels pressure. First-time buyers might celebrate lower prices, but they're also dealing with higher mortgage rates and stricter lending criteria.

Robertson's generation built businesses during property's golden age. They could take entrepreneurial risks because housing wealth provided a safety net. Today's would-be founders face the opposite scenario: falling property values and rising business costs.

The data suggests we're not returning to 2021 peaks anytime soon. The £49,000 drop represents a fundamental shift, not a temporary blip. Britain's property-wealth cycle, which funded everything from retail innovations to tech startups, may be broken.

Robertson's story belongs to an era when property and entrepreneurship grew together. The 2022 numbers suggest that era is over.