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In my limited experience and esp if you are in market to buy, developing a panic to be on the ladder is pretty easy. Especially with the media pieces such as the link you posted. FEAR etc.
Of course there is more demand than supply but at the end of the day no one knows or can predict how the market will react.
Keep calm, be patient and keep looking; if you can afford a place now you will afford a place a year from now. Its all about relative affordability.
amey
fuckity
http://www.telegraph.co.uk/finance/property/house-prices/11666634/Housing-market-grinds-to-a-halt-as-sales-hit-lowest-level-since-1978.html