At the sort of correction you're talking of you're talking about millions of people going in to negative equity. In the US market this may be tolerable because

At the sort of correction you're talking of you're talking about millions of people going in to negative equity. In the US market this may be tolerable because you have full-term mortgages, so people can just stay put even if they're pushed in to negative equity. In the UK it's death. Here mortgages typically last for 2-5 years. Homeowners would be pushed in to negative equity and be unable to remortgage.