According to the Bank of England's latest inflation report, house price inflation is expected to slow down in the near future. In simple terms, the boom is slowing down.
The report highlights the imbalance between a buoyant housing and consumer sector and a weak external demand, even though on the surface there appears to be overall stability.
The Monetary Policy Committee believes that the prices will be broadly stable by the end of the forecast horizon. The bank's report also said that inflation is expected to rise above the 2.5% target by the end of the year and will remain at a higher level for most of next year.
House prices in some areas are not moving up - transaction times are increasing which is an indication that there are fewer people in the market looking for houses, according to an industry spokesman.
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