Everybody assumes that correction will happen via crash. And perhaps that's the case for stock market prices. But while we have had housing price crashes in the past, that's very much the exception. House prices are very sticky, people are irrationally unwilling to sell their houses for a loss. I've seen several markets where real estate nominal prices stayed roughly flat for a couple decades, moving the market from "overpriced" to "underpriced" without anybody really noticing.

"Just build more houses" is the fix for many (but not all) of the US economy problems. Not sure about the UK, but I wouldn't be surprised if it applies there too.