As any student of the history of house prices knows: when house prices fall ( as they inevitably do) they will ALWAYS retrace to below the previous high. In the current market this means that a retracement of something like 65 - 70% is INEVITABLE. Don't think that it can't happen, because it certainly will. The knock on effect of this will be the collapse of many banks and building societies that have been giving 100% mortgages on inflated house prices. And the scandal of interest only mortgages will haunt this Country's government for a generation. Welcome to the land of the free?