On this subject I would like to add to what Danonthehill says (and offer some support to the poor chap). Remember that the FSA has recently suggested that there should be discussion about restricting in some way the amount of money people can borrow to buy homes.
The fact is that unregulated lending has been disastrous and still causing many more serious problems than the loss of value of property (think about all the people who are losing their jobs...). House prices will have to go back to healthy percentages of income (three times annual income or so). This is the only sensible thing to do. From a personal point of view it is also a question of social justice: it's not acceptable to live in a world in which what should be our homes are treated as commodities as much as they have done. It has all been too much and has encouraged many to accept terrible compromises. Sure, estate agents may have called the converted public toilets in front of the station a 'quirky one bedroom period conversion', but they remain ex-toilets, the symbol of something which has gone too far.

Anyway, you wait for next year's elections to be over. Then the word will be 'austerity'. I wouldn't be surprised if the underground extension was scrapped altogether...

Sorry guys (and gals)...