Without wanting to turn this into a property price debate . . . It's normally the most expensive end of the property ladder that sees the biggest % drop when there's a crisis/meltdown/drop etc . . .
The majority of people looking to buy homes are the people on low to "normal" salaries, so they look for cheaper homes . . . therefore they'll always be more demand for cheaper homes.
Fieldy - Be careful, my brother thought he knew how to play the market . . . He bought a 1-bed cluster home for peanuts, sold it at it's high - pocketing over£70,000 after the sale had completed then stated "Prices will fall".
He was right, the prices dropped around 5% over the next year or so . . In that time he'd spent over £5,000 in rent . . . He then was convinced the trend would continue and fast forward a few more years and he's still living in a rented house but now has no savings AT ALL and can't even afford to keep his car on the road.
He'll never have the opportunity to take advantage of the housing market again (unless he wins the lottery).
On the flip-side, I did the opposite - I didn't rent for any notable period between sales. I don't have any savings to speak of, either, but have a decent house and also have rental properties to fall back on.
In a nutshell, you'll be in the same boat as millions of people so cheap(er) houses won't get much cheaper.
