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I think we both agree no one has the ability to predict the future of the housing market. There are pleanty of Doctorate trained economists ,with more knowledge in their little finger than you and I combined, who can't agree on this.
In EDI and GLA prices have not shown any significant drop. In my part of the North West there are still hot spots where prices are still increasing. I was out bid at auction for a old school 15 miles from where you used to live £111 K from an original guide of £50K!
Historically the significant down turn you speak of is more likely to be where the serious price rises have taken place over the last ten years (South of the Watfrod gap).
What we do agree on is the more important (and depressing) point that the economy is on the way down and with it the profitability of most European and US Airlines.