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

IMO house prices here depends almost entirely on how attractive foreigners find the UK an attractive country to park their legal and illegal funds, the size of which is vastly under rated. The same illogic applies to comparative property prices as it did in the dotcom boom. So long as UK continues to be the new Hong Kong,where anything goes (New Labour being an appendage of big business),no worry about house prices. Should that confidence disappear, then it'll be a nightmare for property investors as prices don't just drop ;they'll plummet. As we don't produce very much nowadays, and the developing countries learn to be innovators and create a 'middle class' and some form of democracy takes hold, the temptation to return to the homeland will increase. At least the ripoff prices here will abate somewhat.Our disgraceful education system will see to this levelling off of ability.

Further as today's so-called 'rich' die off, their successors, who won't have inherited good pensions and cheap houses, will not replace the present UK overseas property owners, who'll sell up if they can, (look at what's beginning to happen in Spain).It happened with the Germans, so it can equally happen with the Brits, but then it'll probably happen all over Western Europe which hasn't woken up yet to the 21st century.

A major house price decline would be economically bad,but socially very good.The obsession with house buying would hopefully greatly decline so that UK can concentrate on competing in an increasingly hostile economic environment, as resources go to where they're badly needed.Take your choice, but very hard decisions need to be taken in this country which no longer has any recognisable identity.