Property markets are driven by both fundamentals (supply, demand, affordability ) and sentiment. Sentiment acts as something of an enzyme (or accelerator) on the other factors. In a so called good year, sentiment (FOMO) will see punters all trying to push into the room at the same time ........ and prices will soar to unsustainable levels. In so called bad years the reverse may be the case with punters declaring they will never touch property ownership again.
Cutting to the chase, I certainly expect an over correction as punters head for the exit door ...... only to find they still need a place to live.
