In terms of prices my take is they are going to stagnate and stay at the current high level.
There's plenty of demand, that won't change. People need a place to live.
There are plenty of people (relatively) out there with money. They'll buy to let because they know they can rent out, that helps keep prices up. And they'll hold not sell.
Most people can't raise the capital to buy, they're obliged to rent. They longer they do that the harder it is to stop.
Also people are living longer, that means the volume of property coming on the market due to residents dying or going into care is dropping.
In effect we're returning to the pre-Thatcher era when most people rented forever, and a few people owned.
I've no idea re interest rates, but my hunch is holding off buying in the expectation of significant price drops is a bad call. We bought a couple of months ago.
Obviously all housing markets are local, this is a big picture hunch, and I live in the SE so that could skew my view.