A decade-long party for homeowners is coming to an end. The cost of servicing mortgages in the UK, Europe and the US has spiralled at the same time as disposable incomes have been squeezed, and predictions of a downturn or even a house price crash are now common.
Last week, Knight Frank forecast that house prices in London would fall 10 per cent over the next two years — a highly unusual move for an estate agency, which adds to independent analysis and bank predictions of falls at least that across the UK.
How could housing markets, which have felt nothing but price growth for a decade, tip into crash territory?
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