UK property prices hit a new record high in July 2018 after increasing over 50 percent in the last decade.
The International Monetary Fund (IMF) has warned that their estimates suggest that house prices in the UK may be overvalued by an average of 12 percent.
Halifax data showed that the average house price in Britain reached a new high of £230,280 in July 2018, therefore a correction in prices would see the average UK home lose almost £30,000 in value.
Some factors to consider for fuelling the surge in house prices could include ultra-low interest rates, the government’s Help to Buy scheme and loose monetary policy by the Bank of England.
