I am detecting a certain amount of bullishness in the housing market of late. A number of people with cash are talking about "buying later this year", or "taking advantage of these low rates".

A gent I met at a drinks party at the weekend was very keen on a property in Kensington because it was down from £3 million to one and a half. Foreigners, we are told, are taking advantage of the falling pound to buy prime Central London property. Viewing activity at my neighbour's unsellable (or overpriced) house is increasing. At the recent Savills auctions, London properties in decent areas were still fetching surprisingly good prices.

UK house prices will plummet: look at this scary chart - MoneyWeek

House prices remain out of kilter with what people earn. No matter what the government does, they will head lower until they reach a level which people can afford, which history has shown to be about three times earnings. And they will probably overshoot this to the downside because of the scale of the preceding boom and the oncoming bust. There is nothing anyone, not tycoon nor politician, can do to stop this inevitable course. All they can do is delay it.

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