This is an interesting prediction made in 2003 (when I bought my own house, so I’m glad I didn’t listen to experts)
An interesting article I picked up searching house prices on google.
Article from BBC predicting a house price fall of 20%, because house prices were fundamentally overvalued.
Between 2004 and 1993 House prices rose by more than 128% upto £154,503, compared to £65,025 in 1993. However since 2003 House prices have continued to rise. (roughly 20% increase)
In 2007 average house prices are now £184,924 source
HOwever having said all that it is worth remembering they did get it half right. As house prices in America are suffering their biggest falls since the 1960s. Maybe the UK is next. Why house prices may fall