Owning your own home

I know people that have been waiting for 10 years for it to happen and they are worse off now than they were then. It never will.
I don't know much about this sort of stuff, but it seems to me that as long as there are more people than houses and people still want to live in London then prices will remain high. Is this not one of the first laws of economics?

As long as there are banks willing to lend multiples higher than the long term average, and Local Housing Allowance covering the mortgages for 1/3 of the landlords in London, the big crash won't happen. However, this long slow drag down along the bottom we're currently seeing doesn't seem to be ending soon. While inflation stays at 4-5% and house price inflation is at 0-1%, that's a 3-5% drop in the real price each year. Inflation-proofing your savings, that's a different matter altogether.