Residential Homes As U.K. Chancellor George Osborne Signals Homebuilding Measures Ahead Of Budget(01 of26)
Open Image ModalBrick chimney stacks stand on the tiled rooftops of houses on a residential street in London, U.K., on Monday, March 17, 2014. U.K. Chancellor of the Exchequer George Osborne plans to spur construction in his budget by extending the Help-to-Buy program for new homes to 2020 and fostering the expansion of a commuter town southeast of London. Photographer: Simon Dawson/Bloomberg via Getty Images (credit:Bloomberg via Getty Images)
Estate Agents For Sale Boards As U.K. Treasury Dismisses Housing Boom(02 of26)
Open Image ModalA pedestrian stands beneath a 'Your Property is HOT!' sign as he looks at information leaflets of residential properties displayed for sale in the window of an estate agents in Guildford, U.K., on Monday, June 23, 2014. As Britons brace for the Bank of England to announce steps to restrain the housing market this week, Chief Secretary to the Treasury Danny Alexander dismissed talk of a bubble. Photographer: Jason Alden/Bloomberg via Getty Images (credit:Bloomberg via Getty Images)
Estate Agents For Sale Boards As U.K. Treasury Dismisses Housing Boom(03 of26)
Open Image ModalAn employee adds an information leaflet for a residential property to the display boards in the window of an estate agents, in this arranged photograph taken in Guildford, U.K., on Monday, June 23, 2014. As Britons brace for the Bank of England to announce steps to restrain the housing market this week, Chief Secretary to the Treasury Danny Alexander dismissed talk of a bubble. Photographer: Jason Alden/Bloomberg via Getty Images (credit:Bloomberg via Getty Images)
Estate Agents For Sale Boards As U.K. Treasury Dismisses Housing Boom(04 of26)
Open Image ModalEstate agents' 'Sold', 'Let By', and 'For Sale' signs stand outside a residential apartment block located in the Kingston area of London, U.K., on Monday, June 23, 2014. As Britons brace for the Bank of England to announce steps to restrain the housing market this week, Chief Secretary to the Treasury Danny Alexander dismissed talk of a bubble. Photographer: Jason Alden/Bloomberg via Getty Images (credit:Bloomberg via Getty Images)
House Construction As Persimmon Plc First-Half Sales Rise 28%(05 of26)
Open Image ModalAn advertisement for the U.K. Government's 'Help to Buy' scheme sits on a sign outside Persimmon Plc's St. Andrew's Park residential housing development in the Uxbridge district of London, U.K., on Monday, Aug. 18, 2014. Persimmon, the U.K.'s largest homebuilder by market value, said sales of houses and apartments rose 28 percent in the first half as demand from buyers increased. Photographer: Jason Alden/Bloomberg via Getty Images (credit:Bloomberg via Getty Images)
House Construction As Persimmon Plc First-Half Sales Rise 28%(06 of26)
Open Image ModalA builder climbs a ladder attached to scaffolding outside newly constructed houses at Persimmon Plc's St. Andrew's Park residential housing development in the Uxbridge district of London, U.K., on Monday, Aug. 18, 2014. Persimmon, the U.K.'s largest homebuilder by market value, said sales of houses and apartments rose 28 percent in the first half as demand from buyers increased. Photographer: Jason Alden/Bloomberg via Getty Images (credit:Bloomberg via Getty Images)
London Estate Agents As Home-Price Drop Deepens(07 of26)
Open Image ModalScaffolding covers the facades of white stucco terraced properties undergoing renovation in the Belgravia district of London, U.K., on Tuesday, Dec. 16, 2014. The value of homes in the city had surged by almost 80 percent since the last trough in March 2009, according to the Office for National Statistics office. Photographer: Matthew Lloyd/Bloomberg via Getty Images (credit:Bloomberg via Getty Images)
Changes In Stamp Duty Expected To Help Millions Of Home Buyers(08 of26)
Open Image ModalLONDON, ENGLAND - DECEMBER 04: A 'for sale' sign is seen outside a property on December 4, 2014 in in East Dulwich, London, England. In his autumn statement, Chancellor of the Exchequer, George Osborne, cut the rate of stamp duty for lower-value house sales and raised it on those worth more than £1.5m in a move that would cut the rate of tax for 98% of house purchases. (Photo by Carl Court/Getty Images) (credit:Carl Court via Getty Images)
London Estate Agents As Home-Price Drop Deepens(09 of26)
Open Image ModalAn employee changes a residential property information leaflet displayed in the window of an estate agent in this arranged photograph taken in the Dulwich district of London, U.K., on Wednesday, Dec. 17, 2014. The value of homes in the city had surged by almost 80 percent since the last trough in March 2009, according to the Office for National Statistics office. Photographer: Matthew Lloyd/Bloomberg via Getty Images (credit:Bloomberg via Getty Images)
Land Securities Group Plc Construction Sites Ahead of Sales Figures(10 of26)
Open Image ModalA street sign points towards Victoria railway and underground tube station as construction cranes stand on the building site of Nova, a retail, residential, and commercial development by Land Securities Group Plc, in London, U.K., on Monday, Jan. 19, 2015. Demand for offices in the City is expected to outstrip supply for the next several years because construction plummeted after the financial crisis, creating a shortage of space coming onto the market today, according to Deloitte Real Estate. Photographer: Matthew Lloyd/Bloomberg via Getty Images (credit:Bloomberg via Getty Images)
Land Securities Group Plc Construction Sites Ahead of Sales Figures(11 of26)
Open Image ModalConstruction cranes and workers stand on the building site of Nova, a retail, residential, and commercial development by Land Securities Group Plc, in London, U.K., on Monday, Jan. 19, 2015. Demand for offices in the City is expected to outstrip supply for the next several years because construction plummeted after the financial crisis, creating a shortage of space coming onto the market today, according to Deloitte Real Estate. Photographer: Matthew Lloyd/Bloomberg via Getty Images (credit:Bloomberg via Getty Images)
For Sale signs Brighton(12 of26)
Open Image ModalFor sales signs outside properites in Brunswick Square, Brighton. 06/02/04: First-time buyers are adopting a risky approach to buying their first home as they become increasingly desperate to get on to the property ladder, research showed today. People buying their first house are less likely to have a survey done, take out a fixed rate mortgage or make an offer below the asking price than other buyers, according to Yorkshire Bank. 13/04/2004: House prices in the UK fell by 1% during February as the market suffered its traditional quiet period, Government figures showed today April 13 2004. The Office of the Deputy Prime Minister said the average property cost 160,937 during the month, down from 162,559 in January. 30/10/04: The range of advice offered by mortgage brokers and advisers will vary considerably from tomorrow, experts have warned. The Mortgage Advice Bureau said that brokers will now be either directly authorised by the FSA, have joined a network as 'appointed representatives', or have created their own panel of lenders. As a result the range of products and borrower circumstances that they can advise on will vary tremendously, as will fees and service. (credit:Martin Stephens/PA Archive)
Luxury Residential Properties In London As Sales Transaction Taxes Affect Values(13 of26)
Open Image ModalMagnolia buds sit on a tree opposite a row of coloured terraced houses in the Notting Hill district of Kensington and Chelsea in London, U.K., on Wednesday, April 1, 2015. Home prices in central London's wealthiest districts fell for a second quarter as buyers were deterred by higher taxes and uncertainty surrounding the U.K. general election on May 7. Photographer: Matthew Lloyd/Bloomberg via Getty Images (credit:Bloomberg via Getty Images)
Luxury Residential Properties In London As Sales Transaction Taxes Affect Values(14 of26)
Open Image ModalMagnolia buds sit on a tree opposite a row of coloured terraced houses in the Notting Hill district of Kensington and Chelsea in London, U.K., on Wednesday, April 1, 2015. Home prices in central London's wealthiest districts fell for a second quarter as buyers were deterred by higher taxes and uncertainty surrounding the U.K. general election on May 7. Photographer: Matthew Lloyd/Bloomberg via Getty Images (credit:Bloomberg via Getty Images)
Luxury Residential Properties In London As Sales Transaction Taxes Affect Values(15 of26)
Open Image ModalMercedes-Benz automobiles stand parked on a cobbled street outside rows of terraced mews houses in the Kensington and Chelsea borough of London, U.K., on Wednesday, April 1, 2015. Home prices in central London's wealthiest districts fell for a second quarter as buyers were deterred by higher taxes and uncertainty surrounding the U.K. general election on May 7. Photographer: Matthew Lloyd/Bloomberg via Getty Images (credit:Bloomberg via Getty Images)
Luxury Residential Properties In London As Sales Transaction Taxes Affect Values(16 of26)
Open Image ModalA pedestrian walks past a row of coloured terraced houses in the Notting Hill district of Kensington and Chelsea in London, U.K., on Wednesday, April 1, 2015. Home prices in central London's wealthiest districts fell for a second quarter as buyers were deterred by higher taxes and uncertainty surrounding the U.K. general election on May 7. Photographer: Matthew Lloyd/Bloomberg via Getty Images (credit:Bloomberg via Getty Images)
Construction Of Luxury Apartments Along The Thames(17 of26)
Open Image ModalLONDON, ENGLAND - JUNE 01: Cranes rise above luxury apartment buildings currently under construction on the south bank of the Thames on June 1, 2015 in London, England. London estate agents reported a surge in luxury property sales in the hours following the Conservative party's securing of a majority at the general election. (Photo by Rob Stothard/Getty Images) (credit:Rob Stothard via Getty Images)
Construction Of Luxury Apartments Along The Thames(18 of26)
Open Image ModalLONDON, ENGLAND - JUNE 01: Construction workers are seen on the site of Riverwalk, a 116 luxury apartment building currently under construction by Vauxhall Bridge on June 1, 2015 in London, England. London estate agents reported a surge in luxury property sales in the hours following the Conservative party's securing of a majority at the general election. (Photo by Rob Stothard/Getty Images) (credit:Rob Stothard via Getty Images)
Construction Of Luxury Apartments Along The Thames(19 of26)
Open Image ModalLONDON, ENGLAND - JUNE 01: People walk past an advert for luxury apartments on June 1, 2015 in London, England. London estate agents reported a surge in luxury property sales in the hours following the Conservative party's securing of a majority at the general election. (Photo by Rob Stothard/Getty Images) (credit:Rob Stothard via Getty Images)
Construction Of Luxury Apartments Along The Thames(20 of26)
Open Image ModalLONDON, ENGLAND - JUNE 01: A general view of Riverwalk, a 116 luxury apartment building currently under construction by Vauxhall Bridge on June 1, 2015 in London, England. London estate agents reported a surge in luxury property sales in the hours following the Conservative party's securing of a majority at the general election. (Photo by Rob Stothard/Getty Images) (credit:Rob Stothard via Getty Images)
Britain Mortgages(21 of26)
Open Image ModalEstate agents' For Sale signs are seen outside properties in Croydon, south London, Monday, March 30, 2009. The number of mortgages approved for house purchase rose by 19 percent from January to February, the Bank of England said Monday, an unexpected jump amid the property market downturn. (AP Photo/Sang Tan) (credit:ASSOCIATED PRESS)
BRITAIN HOUSE PRICES(22 of26)
Open Image ModalEstate agents boards are seen outside properties for sale in Dunchurch, central England Wednesday Dec. 1, 2010. Britain's Nationwide Building Society monthly house price survey suggested that the recent run of Britain's house price falls have wiped out most of the gains seen in property values during the past year. The average cost of a home dropped by a further 0.3% during November, following a 0.7% slide in October, as activity in the British housing market remained subdued. (AP Photo/Martin Cleaver) (credit:ASSOCIATED PRESS)
Britain House Prices(23 of26)
Open Image ModalA man walks past an estate agents window displaying properties for sale, in Chiswick a suburb of London, Thursday, Jan. 27, 2011. House prices have fallen for the seventh month in a row as both buyers and sellers stayed away from the market. The average cost of a home in England and Wales dropped by 0.5% this month to stand at 153,600 pounds - 2.2% less than in January 2010, according to housing intelligence firm Hometrack. Potential buyers continued to sit on their hands in the face of house price falls, and uncertainty over the economy and future interest rate rises. Estate agents reported a further 9.5% fall in the number of people registering with them, the seventh consecutive monthly decline, contributing to a 26% fall in demand during the past six months. (AP Photo/Alastair Grant) (credit:ASSOCIATED PRESS)
Britain Mortgages(24 of26)
Open Image ModalEstate agent signs outside houses offered for sale and rent, in London, Tuesday, Oct. 8, 2013. Britain's government launched on Tuesday a 12 billion-pound ($19 billion) program to help first-time homebuyers, a landmark plan that tries to offset banks' reluctance to lend but which critics argue could create a new property bubble. (AP Photo/Lefteris Pitarakis) (credit:ASSOCIATED PRESS)
BRITAIN(25 of26)
Open Image ModalFor sale boards on properties in Croydon, Britain, Friday May 29, 2009. House prices rose 1.2% in May on April, offering evidence of activity in the UK housing market, according to figures from the Nationwide building society. (AP Photo/Tom Hevezi) (credit:ASSOCIATED PRESS)
Britain Bubble Trouble(26 of26)
Open Image ModalFILE - In this Thursday, Jan. 27, 2011 file photo, a man walks past an estate agents window displaying properties for sale, in Chiswick a suburb of London. Concerns are mounting that Britainâs housing market is overheated after London house prices rose almost 19 percent in the past 12 months. Bank of England Governor Mark Carney recently described the situation as the greatest risk to the domestic economy. The International Monetary Fund is worried. Ditto the European Unionâs executive commission. The pressure is on to act now rather than risk having it all come crashing down later, dragging Britain back into recession. A committee set up in the wake of the financial crisis to handle threats to domestic financial stability is due to issue its recommendations on Thursday, June 26, 2014 and economists suggest it will take action to cool the market. (AP Photo/Alastair Grant, File) (credit:ASSOCIATED PRESS)