Speaking last week, Paul Cheshire, a former government housing adviser, also warned that the property market could tumble. ‘We are due a significant correction in house prices. I think we are beginning to see signs that correction may be starting,’ he said. ‘Historically, trends seem always to start in London and then move out across the rest of the country. In the capital, you are already seeing house prices rising less rapidly than in other parts of Britain.’

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