Balls: Real Estate- much like any other investment is valued based on supply and demand. If there are fewer people wanting to buy and more people wanting to sell then prices will not go up as much or may even go down. That sort of situation is usually very short term unless the area becomes very terrible and unlivable. I would not think it will happen at all- and if it does it would not last a whole year..
If interest rates rise (please!!) then it's totally possible that the entire profile of the housing market, which over the past few decades has gone nuts, will change and perhaps get back to some normality. Right now, those lucky enough to own property in London and the London area are now dictating what the market outside London will stand. Pushing prices up outside London too.
Nightmare and it needs to be sorted out.