what aspect will the rising house price influence the market?

recently , British newspaper talked a lot about the steadily increasing of house price in the past year, which was about 1%. but in china, now the house price is increasing in a high rate. some aspect said, it will influence the chinese market. such as : when the price rises up fast, less and less people will buy the houses or apartments. people put the huge amount of money in the bank, it will influence the currency circulating. Or it will slow down the speed of migration that people moving from village to the city because they cannot afford the huge expense of living in the city. this becomes a serious problem in China. what do you think of it?