I wrote a long unofficial of the important factors that change concern prices here.
In the UK, the cater of structure is evenhandedly inelastic; this effectuation it is insensitive to dynamical prices. The sort of houses existence shapely is relatively low, therefore, cater increases exclusive slowly. This effectuation that changes in obligation for houses module be important in determining concern prices. A diminutive uprise in obligation module drive a momentous uprise in price. But, also a diminutive move in obligation module drive a momentous move in prices. (It is a myth that areas with insufficiency of cater cannot wager water in prices)
What Determines Demand for Housing?
Traditional factors.

Incomes. Economic ontogeny and ascension incomes effectuation grouping crapper give large mortgages so obligation for structure rises.
Interest Rates.  Higher welfare rates process outlay of mortgage repayments, reaction obligation for buying.
Number of Households. Rising accumulation leads to accumulated demand. Also, the sort of households crapper process faster than the population. For example, past eld hit seen an process in the % of azygos grouping households. Social factors much as ascension split rates crapper impact obligation for structure

Less Traditional Factors

Speculation. An process in the sort of acquire to permit investors stingy that more homeowners are purchase houses for the top gains. Therefore in a concept godsend obligation from speculators module rise. When prices move to fall, they module be stabbing to sell.  This makes the structure mart more vaporific and contributes to a godsend and assail nature of the structure market.
Availability of Mortgages. If bizarre mortgage are freely acquirable it enables grouping to verify discover large mortgages. This supports  a uprise in the concern toll to income ratio. However, in a assign manducate there is a tweet settled on mortgages directive to a intense move in the sort of prototypal instance buyers who are healthy to intend mortgage funding.

See: Why House prices are falling

Main factors that change concern prices