Newton's Stephany: Market turmoil not good news for property

UK growth focus UK property prices, particularly in London, are back above their 2007 highs. This is important as it is primarily homeowners who drive the UK economy - over 50s own around 75% of the country's wealth.

Should confidence dissipate in the housing market, the impact on the real economy would be significant and on the financial services industry in particular. Many reasons have been put forward for the strength of house prices, ranging from a shortage of supply to the government's Help to Buy scheme and to an influx of foreign money.  There does not need to be a sudden catalyst for these factors to dissolve – there was not a particular catalyst for the oil price to halve or the Chinese equity market to drop 40% last month.  Like all bubbles, property right now seems a “one-way bet” g...