same stuff as in 90s; it took from 1989 to 1999 to recover the prices to the same level. no crystal balls required ...

damian, loughton,

I trust those who relied on Savills' valuations over the last few years were advised of the impending crash that Savills now confidently predict. If not can it be assumed that any who suffer as a result of the slump will be compensated and can Savills explain why we should believe anything they say

Vincent, London,

Nice speculation. However, there is no rationale behind it at all. It's just an opinion, but the truth is, that nobody really knows. For example, if we lose the City as powerhouse then London house prices may even go into freefall. Hopefully that won't happen.

Peter, Liverpool, UK

If the usually 'sunny' Foxtons are saying up to 35% fall it will be worse. Prices in London will fall to 3-4 times earnings from 8-10 (and earnings are falling), while non-UK buyers make their money mostly in commodities and are broke. The rent on my London flat implies a 50%+ fall to align yields.

MacK, London/Washington, UK/USA

There is only one word for this - GOOD!

Adrian Ryan, Donegal, Ireland

On the basis that many hardworking families had to buy property to live in over the last 5 years at bank inflated prices we will see a massive transfer of wealth from families to banks over the next 10 years. It is families who need bailing out not banks. Robbed by the banks and new labour.

chris, cardiff,

savills have obviously decided it's no use trying to talk up the market and the best tactic for them is to talk it down, in the hope that vendors will drop their prices. why do newspapers endlessly quote savills?

matt, london,

Prices will go up as they print money to stem the credit crisis and we will have hyper inflation!

Jason, Brighton, united Kingdom

Talk of inflation helping to keep house prices high, all well and good but wages will have to rise 10 times. The main reason house prices will fall like a stone is the number of people out of work, repos, and auctions making the selling prices not easte agents. Current vales at auction is 50% down!

oliver, colchester,

I am the cockey-african buy-to-let landlord. Everyone down my local is aware of my story. These days I struggle to keep my empire of 11 BTL properties afloat. I have little choice other than to accept low quality tenants. The government made us the engine of the economy and then forgotten us.

Dave Bamgboye, London,

when savills where riding the rising market they didn't need to predict house price falls, now the market is stagnating what is bettter than to say sell now before it falls further shifting some of the buyers into reality.

w.tell, london, uk

X thousands to "get on the ladder" - yesterday speak. Where's this ladder going?
Homeowners do not have mortgages! Oxymoron.
We need to think different, speak different and tell it like it really is.

Tom Taylor-Duxbury, ludlow, UK

Savills is not taking into account inflation. One huge burst of inflation and all the prices will be headed strongly up. Our financial wizards are going to wake up soon and realize they can fix the housing market by cutting the value of the currency in half.

Haigh, Linville, USA

I agree...They can not predict the future in such uncertain times, but one thing everyone I think agrees on, is that Savills and other agents got us in this mess in the first place, they are the ones who value the properties inthe first place!! So they cant have their cake and eat it all the time!!!

Simon, Warwick, England

"Richard Crow, Warsaw, Poland.."

To be honest with you Richard I expect the "true value" of your flat should probably be around 210k today .

Scot Wilson, Hampstead, England

Americans don't know UK prices bubbled higher, faster than here. Robert Schiller of Yale pegs affordability of the median U.S. home at 2.6x median earnings. In CA areas seeing a 40%+ drop, 2 hours from LA jobs peaked around $525k and are now $325k where median income is $41k. We are not done yet.

Lance W. Newton, Valencia California, USA

So 10 years to get prices back to where they were last year. I wonder if Savills have factored in the devastating effect of a hugely devalued currency. The only people who will be able to afford our houses will be foreigners. Is this what Labour meant by a muticultural society?

Edward, London,

Ditto with Alan of London. If Savilles are saying up to 35% drop, many canny economists without vested interests in the housing market, say 50% drop and maybe more since markets overshoot down, as they do up. Nobody can predict 10 years ahead. Savilles are desperate to call the bottom of the market.

keith, london, UK

How do Savills know what is going to happen to the property market over the next ten years when they have clearly been taken completely unaware by the previous six months? They don't know what is going to happen to the markets, property or otherwise, a week from today. "Wise after the event" is a phrase Agents should wear with pride.

Alan, London,

In 2007 Savills predicted a 3 per cent rise in prices throughout
2008. Surely this means they have no credibility whatsoever as far as forcasting goes. How can they POSSIBLY pretend to be able to fircast the market in 2010 when they cant even predict the direction of the market 12 months ahead.

Trevor, Looe, England

Prices are not going to go back to the previous dizzy levels any time soon because the banks will go back to the old way of doing things - 10% deposit and maximum of 3.5 x earnings. Just like for me in the 70s.

Andrew, St. Ives, Cambridgeshire,

Make it 50% real-term drop over 8-10 years from peak before it turns the corner and it will be more realistic. The last crash took 6 years to reach bottom and that was a little baby compared to this one. 15-20 years recovery from peak would be my informed estimate (ignoring Savills positive spin).

Steve Simmons, Leeds, UK

It's about right. Those who currently own homes bought at peak prices effectively forward bought ten years of escalation.

As an example, in 1993 our flat in London cost 185k. It's true value today should be around 500k. In 2007 similar flats in the same block were selling at up to 900k.

Richard Crow, Warsaw, Poland

... wow. Finally I read an article about mortgages and the drop in prices that is NOT commented at the end by 'vested interest' commentators trying to talk up the market.

FINALLY the penny seems to have dropped that this is going to be a serious, prolonged devaluation back to realistic prices.

paul, Chester, UK

I wish I had a crystal ball as good as Savills. Amazing that they know exactly what will happen and whe... but thye are, of course, (posh) estate agents so must be correct

simon christopher, London , UK