I suspect the market has already slowed. Houses were changing hands very quickly in our area, but I notice that over the last few months, houses are taking a lot longer to sell and there seems to be a surplus.
These are mainly homes in the lower end, around the 150 200 thousand mark.
Interestingly, there are a lot of cars being put up for sale around the village, with for sale notices stuck to the windows. This happened at the start of the last big recession, as people were struggling to meet repayements.