Look at what happened to property prices in Northern Ireland...a loss of over 54% ! :-0
But the forkwits will tell you the U.K doesn't do property crashes...last time I checked Northern Ireland is a part of the UK...but to tell you the truth under all this Brexit I've lost track myself
NT you missing the point. It is simply about supply & demand. Whilst the US & EU were having issues 2007/8 - property asset prices were storming ahead in Asia including Australia (and BRICS were doing well). London hardly registered and recovery was really a V-type correction in UK property market. Much of it supported by migrants, foreign investors/buyers and lower interest rates, easy money yes.
The economic cycle is with us but as with capitalism (without changing the subject) can not handle any slowdown in profits. Capitalism is inherently unstable seeking continuous growth in profits etc.
Same thing happened in Spain as in Irelan ie with the PIGS. The boom and bust was avoided or perhaps postponed but easy money policy did work.
imho What we need now is some fiscal policy to bring in tax revenue and redistribute that to infrastructure projects and manufacturing around the country to provide the platform for UK to be able to compete in international markets.
Bit of inflation here should help to eradicate the debt burden too.
To answer the question of the thread however, to get back on track - the UK housing is not hanging by a thread but ticking along nicely with an increase in supply a requirement for continued stability and dampen excessive price rises.