There's a guy here who reckons house prices in the US are rising because: 1) low interest rates are encouraging buyers (millennials) & 2) sellers have taken there's of the market unwilling to allow potential COVIDers to breach the shelter in place. Demand higher than supply, up goes the price.

And I can't see that mechanism being any different in the UK.

So we may see an overheated market, with a swift readjustment. Now wasn't that what happened in 2008? Co-factors are different but the effect will be the same. Second wave (COVID), double dip recession?