I found this picture the other day showing how London house prices have changed between 1988 and 1995.

These figures don't take into account inflation - the following links show inflation levels for those time periods. I'd estimate that taking inflation into account, the falls in some areas were around 55-60% - ouch!

http://www.statistics.gov.uk/articles/economic_trends/HICP_Historical_Estimates.pdf

http://www.safalra.com/other/ukinflation.html

http://eh.net/hmit/ukcompare/result.php?year_late=1988&use%5B%5D=CPI&use%5B%5D=DEFIND&use%5B%5D=WAGE&use%5B%5D=GDPCP&use%5B%5D=GDPC&typeamount=100&amount=100&year_source=1988&year_result=1995

Of course, it is different this time, but if I had a place on the right hand side of the map, I may be getting nervous.