UK House Prices -The next bubble waiting to burst ??

And my tuppence, though just for most of Yorkshire and perhaps the rest of the North-

Bottom end (terraces, two bed semis etc.) to sell reasonably well with little or no reduction.
Mid - (three or four bed semis/small detached) - gently decline (maybe 5 to 15%).
Upper end (Five bed/three bath type stuff) - a less gentle decline.
Very Top End - No change.

However, I'd add a caveat in that only the best presented properties will be selling in 2006 - untidy and tatty houses will sit on the market and need fairly stiff reductions to move them but the owners of these type of properties often stubbornly refuse to either spend time and money to tidy them up or reduce the price and hence they fail to sell.

edit -
Savills predictions

Prime Central London: 5% Greater London: 3% South East: 3%
Scotland: 2% East of England-1% East Midlands: -2% South West: -2% West Midlands: -3% North West: -3% Wales: -4% Yorks & Humber:-5% North East: -5%