A problem of Olympic proportions.
There may well be another series of events to worsen the property markets in England. Just as their bubble has seemingly cooled off, and there is much less demand, they have also received the Olympic Games. Concurently, there is a spike in commodity prices leading to increased costs of construction. This will obviously increase inflationary pressures, perhaps causing the BOE to raise rates more. This can only worsen the property market. Interesting.