UK house price

Lots from Joe's Data Diner: on UK house prices, including the link to the data.  This is something that can be used to assess the ratio of house prices to income and the question of whether this is a measure that can identify the points where the market is overvalued.

"There seems nothing the British press likes more than a good house price story. Both the OECD and 'The Economist' studies quoted in The Telegraph recently use the house price to household income ratio as a consideration of affordability and sustainability of the market. Most often this is a ratio of average house prices to average incomes; I keep wondering if this ratio is itself a function of income? What follows is a first (and not that rigorous!) look at this idea."

Do extremes tell us something about future prices?