We are only one year into the slump, and prices from peak to trough are now widely predicted to fall 50%.

Now couple that with ?250k being widely seen as pushing it even at the peak of the market, plus the fact its always these type of properties that get decimated in the downturn. Remember, it is not even as if ?250k was a verifiable price since none were sold at that price.

In the last umpteen property crashes stretching back to the 18th century the crash has taken 3/4 years, followed by flat prices for another 4/5 years.

Already we are seeing family homes being sold for less than these pokey one bed flats. If they get ?150k I would be stunned. Indeed I suspect that you would not be willing to let your own kids buy one at ?150k. Not when you can buy better homes for less.

If they sell them for anything north of ?100k Berkley Homes would be doing very well. However, time will tell. General sentiment will not include the last vestiges of optimism in early 2010.