The property market had been flourishing for many years and many people thought that the good times would continue for the medium to long term.

We know that many people thought London house prices would continue to increase as London is apparently a strong, international economy. The increase in demand for property would fuel the increase in house prices, even if the rest of the UK economy declined.

All good things must come to an end and this holds true with the property market.

Most people believe that the house price crash is more than a correction in the market and the UK economy could fall into recession.

Is now the right time to purchase a house or will house prices continue to drop to much lower levels?

Please watch this video and share your thoughts on the house price crash:

Click here to view the embedded video.

First they had to deal with huge house price increases, in affect having to battle against more wealthy people in the market. This in turn forced up house prices at an alarming rate, which meant they had to save more to put a deposit on their home.

Then the credit crunch hit and house prices began to plummet. Some first time buyers thought that this may be a great opportunity to get on the housing ladder. But now the problem was that the banks were not prepared to give you a mortgage unless you had excellent financial credentials.

Again many fist time buyers were left in despair.

Now it is possible to purchase a flat in London for under £100,000 as many repossessed houses are coming onto the market.

For more information on dropping London house prices, please read the following article by the IrishTimes.com.

Because there is now so much affordable housing on the London property market, do you think it is possible for most London first time buyers to buy a home?