Today, the Nationwide put out their April numbers for house prices. After March's surprise increase, prices are again edging downwards.
This chart, however, looks at UK property prices adjusted for inflation. Since the peak during Autumn 2007, prices in real terms are down 23 percent. The recent crash has wiped out all gains since October 2003.
How much further will prices fall? During the 1990s housing bust, prices fell peak-to-trough by 35 percent. I wouldn't be surprised if we repeat that experience.