Until the average house price equals approx 3 x the average wage, then there is always going to be a paradox, or most probably a crash until this balance is met.
Think outside the box, me and thousands like me are not going to sell any houses at a loss, so we sit on them and let the rents pay the mortgage, instead of house prices tumbling, be prepared to have your pay packet increased as we come out of recession. Its happened before it will happen again, 1969 i was earning £10 a week!! my first motorbike cost £25, the gap between rich and poor is gteater now than in Victorian times, £325 billion quantative easing has got to go somewhere. i rest my case.