The UK housing market has become a speculative merry-go-round. There are virtually no first time buyers in the market.
What accounts for the vast majority of home sales these days? People who own property are selling their overpriced properties to other people owning property. The market is now driven by speculators trying to squeeze out capital gains from each other, with transactions being financed by banks.
The statistics on disappearance of first time buyers are shocking:
However, the merry-go-round is about to spin off its axle. The crash is here.