Property seems to be immune from the fear now gripping the global economy, but that may not always be the case.

Chinese stock markets have plunged since the start of the year, with the FTSE falling 6. There seems no end in sight to the share sell-off, but still property powers on.

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The latest figures from Halifax show that property prices in the final quarter of were almost 10 per cent higher than one year earlier. Many Britons suspect the property market is overvalued, with the average UK home now costing more than 10 times earnings.

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Given that most lenders will not grant mortgages worth more than three or four times your income, this looks unsustainable. Yet few property experts are willing to say openly that the market is in peril.

Most remain deaf to warnings of contagion from the share price rout, even though it has scared the life out of some investment experts. He is worried about the growing public and company debt burden, and British households have plenty to worry about on that score.

The latest figures show family that household debt rose by 42 per cent in the last six months alone, according to research from Aviva. Worse, family incomes are falling and many have lost the savings habit as their finances are stretched. Aviva managing director-protection Louise Colley says one in five is making no provision for the future: She fears households will be vulnerable if the Bank of England raises interest rates and cheaper credit dries up.

More than half of all stock market sentiment indicators holders are already struggling with their bills, according to new research from TSB. Simon Tyler, founder of Tyler Mortgage Management, is one of the few in the industry to acknowledge the danger openly, with too many happy to talk prices higher: Tyler says there is another threat looming, as the Government piles new taxes onto the buy-to-let market, starting with a 3 per cent surcharge on stamp duty that kicks in on April 1.

The danger is that new chinese stock market bubble will abandon the market afterwards, while many enchanted learning canadian money worksheets landlords will sell up once Chancellor George Osborne starts phasing out higher rate tax relief on buy-to-let mortgage interest payments from April If the Bank of England increases rates as well, we can see prices correct by as much as 10 per cent.

However, Tyler says the shortage of property will limit homeowner losses, as younger buyers seize their opportunity finally to get on the ladder.

Andy Knee, chief executive of conveyancing group LMS, argues that stock market falls could even tempt investors back into property, attracted by the relative stability neatest little guide to stock market investing bricks and mortar.

Nevertheless, homeowners will be watching the global share price crash with growing concern, especially those who have taken on large debts to keep pace with rising prices.

The over-heated London market is particularly vulnerable to trouble abroad, given that its runaway growth has been fuelled by foreign money. Investors from China, Russia, Saudi Arabia and other lands succumbing to the global financial crisis could trigger a sell-off by rushing for the exits.

There are signs the prime London market is beginning to crack, with prices falling 8.

Any house price crash will be less dramatic than the share crash as it takes months to sell a property whereas you can dump shares in seconds, but if global troubles continue, the housing market cannot escape unscathed. See today's front and back pages, download the newspaper, order back issues and use the historic Daily Express newspaper archive.

Home of the Daily and Sunday Express. Daily Horoscope Our Apps Top 10 Our Paper Paper Archive. GETTY There are signs the prime London market is beginning to crack Property seems to be immune from the fear now gripping the global economy, but that may not always be the case. Record low interest rates send house prices SOARING for homeowners.

China's stock market crash in 2 minutes - Jul. 9,

Duty-free allowances differ depending on your destination. Taxman has his sights on Bank of Mum and Dad as complex rules increase. Britons are sitting on too much debt without a financial safety net.

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