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some houses may be affected, things like holiday homes in Cornwall but there's so much pressure on housing in the cities that I can't see them dropping much if anything
I would say the opposite. Cornwall holiday home owners have just had an income tax cut and are likely not to have mortgages (or small ones they can afford with the aforementioned tax cut). Normal stuff in cities is mostly bought with mortgages - if banks only allow 4x income borrowing rather than 5x that's a massive drop in effective demand.
You are also more likely to have forced sellers in the towns as people have to move for family / job reasons? I suspect most holiday home owners would avoid crystallising a loss. Maybe the leveraged AirBnb landlords would get fucked (good!)
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NickCJ
@Sumo
My totally unexpert opinion is that some houses may be affected, things like holiday homes in Cornwall but there's so much pressure on housing in the cities that I can't see them dropping much if anything.