Irish Style House Price Asset Bubble Adjustment Happening in UK

Rightmove (who cover majority of houses for sale) have an average asking price of £242,100 - against the Land Registry average selling price of £161,700

(see: http://uk.finance.yahoo.com/news/sellers-must-drop-asking-prices-073611078.html )

This short, simple but inspired breakdown of why Ireland’s property market crashed (taking Ireland with it) explains why this is the harbinger of economic doom: http://www.independent.ie/opinion/letters/bubble-values-3034584.html