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Yes, in a way it would. But it would produce some spectacular losses to a lot of people as well - including lots of people who worked really hard to buy because it seemed that prices would get further out of reach if they didn't. Which is why a slower release (by steady erosion of the gap through wage growth) would be preferable, no?
andyfallsoff-
Well that would be exactly the situation I'd be in with my wife.
When we bought in December 2015 no one would have recommended not buying when we were in a position to.
The regret now is that if we want a family then we'd want to move somewhere bigger. If we had bought something bigger a bit further out we would have more time to play with riding out the financial waves that seem to be heading our way.
Bainbridge
So in a way house prices crashing back to 2009/2010 levels would be a good thing as it would put things more closely in reach of a public whose wages are shrinking, year on year.