Here comes the next phase of the UK housing bust

The housing market in Britain seems to be invulnerable. Even the worst post-war recession seen in Britain – with a 6.4% peak-to-trough fall in GDP, even worse than the original estimate of 6.2% – couldn't keep prices down for long. According to The Times, house prices in the UK fell by around 20% from peak (October 2007) to trough (February 2009). Since then, the average price has risen by 15%. That means they've already retraced slightly more than half of the original slump.