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?

i also know people who bought at peak 3 years ago with 100% LTV that are now stuck with an immovable asset they paid too much money for.
i had a conversation the other day with somebody who's 2 sons both lived on the same housing development, 1 bought at peak with a girlfriend who is now an ex. he's paying the mortgage himself (just) but cannot sell as he's in 30%negative equity. the other son lives in a bigger house on the same road but paid 50k less a year ago.