How stretched is the UK housing market? Given how long UK house prices, especially those in London, have defied both gravity and conventional models of valuation, a confident answer to that question is hardly possible. A look at a couple of the conventional “affordability” measures suggests, however, that – in MPC speak – “the balance of risk to house prices is skewed to the downside”. In English, house prices are more likely to fall sharply than to rise steeply.

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