Many believe current inflated UK house prices to be fueled by under supply and over demand.

But since 2008 banks have paid almost no interest on savings. This prompted worldwide investment in the UK property market.

UK citizens are left to compete with the world’s wealthiest in an ever inflating upward spiral of rising prices. Many of these investors don't even live in the UK and the properties lie empty.
Far from discouraging this bloating of property prices the government do their utmost to keep the roulette wheel spinning. After all it makes the GDP look good and gives the appearance of wealth.

But the GDP is not based on the healthy wealth of productivity but the parasitic wealth of a rentier economy where people make money for doing nothing more than owning property.
Exorbitant property prices discourage small business who cannot compete with  international corporations over the high cost of business premises.

High property costs affect all social services across the board. This prompts the government to impose austerity as they can no longer afford the cost of the property required to provide these services.

After a time the only people making money are the landowners. Having bled the population dry there is nothing left to bleed.

Its an example of the parasites killing the host.