http://www.theguardian.com/money/2015/j ... roperty-uk

Between what the Tories and their austerity international counterparts have planned, and with a potential European crisis, that might not last long. And all of that could be before a hefty in terms of immediate outgoings interest rate rise.

To be honest I thing the Eurozone will have far more impact than austerity. Exports are a major source of income for the UK. The Eurozone crisis slowed the recovery massively. (That's not to say austerity doesn't have a big effect, I just think the Eurozone effect is bigger).