what caused all these problems of high mortgage repayments now was the easy availabilty of dirt cheap mortgages in recent years--lack of supply in a high demand market shot house prices up. All the yuppies had to "get on the ladder" But the bubble has burst and house prices are collapsing.
We have seen it all before.
I sold up in 1991 and took a loss--then rented for the next 8 years.
Bought again in 1999--same price as i sold for 8 years before--and sat in that house for 4 years as the price quadrupled !
sold and bought twice since then.
Sold my present house 2 years ago for 50% more than i paid for it 5 years before--but cancelled the sale...as it was so chaotic with properties being sold the day they hit the market.
For me the cloud has a silver lining--at least i am now getting reasonable interest on my savings--but i have seen interest rates of 10% on savings in years gone by.