It also depends on the prices/sizes overall of housing in the area in the first place. The same percentage fall on a 1 bed flat and a 4-bed house are very different in cash terms.

For those looking to move up the housing ladder, I believe it presents an opportunity that has been denied in recent years because the jumps have been simply too large.

The problem is liquidity in the market caused by the need for a chain and the bottom end of that chain is missing as prices at the bottom end are still too high and mortgage lenders are becoming far more cautious.