One thing is for sure, it is different this time.
Currently, UK average house prices are well over five times average earnings. Take a look at the chart above, and see just have far house prices have departed from earnings. The dark thick line in the centre represents the average since 1983. The broken lines above and below represents the standard deviations. The house prices to earnings ratio is now 2 standard deviations away from the long run average.
This can not continue. In fact, it has just stopped. Prices are now falling and this ratio is now returning to planet earth.