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andyp-
Well, job done as far as they're concerned then. Of course, the real issue would be the underlying reason why houses suddenly became worth only 10% of their current prices. The only reason this could happen is if you suddenly had a massive surplus of houses - i.e. a sudden increase in supply or a sudden decrease in demand. Given that a vast number of houses aren't suddenly going to spring out of the ground overnight, the only way this could happen therefore is a sudden and huge depopulation of the UK. Which would probably have far more significant consequences than lower house prices, whatever the Daily Mail might think.
Brommers
If houses were 10x cheaper to buy then it would be uneconomical to build them. So all developers and house-building companies would go out of business overnight. Cue massive redundancies in the construction industry, a massive increase in unemployment, a reduction in GDP and tax income and a huge increase in social security payments. Cue knock-on effects on the rest of the economy, and you'd be looking at a recession of biblical proportions.