As income growth remains weak, the rate of new home supply in England has picked up. There has been the first move up in interest rates. This all suggests slightly weaker demand at present prices, and so outside London prices may weaken, rising slowly or even falling a little in nominal terms. however, the reasons for this will be a little different from those driving London house price declines at the moment (which include the impacts of stamp duty changes) so I would not describe this as 'rippling out'. And a sharp shock from higher interest rates or a move into recession with rising unemployment seems unlikely, so I am not anticipating a change in economic conditions of the type which would prompt a large change in house price expectaions and thus a damaging sharp fall in house prices. A slow move down relative to incomes, especially young people's incomes, is in any case quite desirable.