Very good graph showing long term prices.

There is a lot of interesting things to take from the graph.

One is that property is on approx 22% above the long term trend of house prices.
That's 22% drop now needed or 15% over three years with the long term trend being 2.4%

PasturesNew wrote:

What I find interesting is that the peak in 1989 wasn't reached again until 2002.

But this was at a time where media and information was not so easily available.
With more focus nowadays, people are more aware hence why the rate of drop is higher now than last time, but could also facilitate a quicker return when people are aware that house prices are back on trend

Its the same as you said

PasturesNew wrote:

In the olden days, we didn't have such free and ready access to so much information to find out about these things. Restricted to just a couple of newspapers and a 30 second slot on the news it's not something people in the main have ever thought about before.