A few weeks ago, I asked people to send me their own house price forecasts.
Mark Wadsworth just sent me a very nice chart based on Nationwide's house prices adjusted for earnings growth. Assuming that prices fall as low as in mid 1990s, then according to Mark, UK homeowners might be looking at a 50 percent drop in home values. If prices revert to median of £102,000, that's still a 45 percent fall from peak.
When he isn't making gloomy yet plausible housing forecasts, Mark is writing his own highly opinionated but always interesting blog. It is always on my list of sites I must visit every day.