London property market

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I have been reading articles on falling property prices in London and a softening condo market in NYC. Is this the start of a gradual but sustained broader recession in the overall housing market? I have read similar articles on Toronto and markets across Australia. I know quite far fetched from the US but wondering if there is a trend there.

From historical data, different countries experience recession at different time, not all at the same time.

Example, USA hit recession in year 2008, but Vancouver and Toronto were in the boom stage in year 2008.