House overpriced too much for too long
The housing market has been the subject of many people trying to extract ever more money from it.
@Mortgages - Tim Robson - look forward to the time when you _can_ get a mortgage and how much it'll be for, the most likely scenario is that house prices will be returning to realistic levels, and dropping to the levels of the 1990's:
http://www.housepricecrash.co.uk/graphs/generated/homepage.png
Who knows - maybe lower.
Hopefully the estate agents will have got a dose of reality as well and will now behave themselves when valuing a property (well it's worth hoping for at least) and the banks have hopefully learnt their lessons and will be more careful about how and who they lend to.
For those people with houses at the moment look forward to some disappointment in seeing your houses' value dropping. Maybe concentrating on making it your home rather than an investment opportunity would be a better use of time and effort.
I suspect that the rental market will be rather more popular than it has been for some time, with house purchases being rather more of a special event than current generations have got used to.
Anyway - I'm off to teach cheer-up lessons for the Samaritans.
ttfn