I thinks it's true, but Estate Agents don't like to admit it.
I've kept an eye on several properties that I have been interested in, some of them have been on the market for years.
All of them are now listed for considerably less than they were a year or two ago.
One of them has been reduced by 40% in the last 2 years.
Bri, the reason? No one has any money, and the relationship between earnings and house prices became ridiculously overstretched.