I don´t think anyone seriously disputes that there will be a sell off of BTL properties or that the UK housing market still has some way to drop. What concerns me is the headline grabbing quote “Prices will drop by 55%”. It was in fact this that you chose to highlight in your post.
As I live in NL I have no financial interest in the UK property market. I really couldn´t care less what happens to prices there. I just get a bit ticked off by poor journalism which this IMO is.
I glanced at the article in yesterdays Mail also, and was it not a prediction that prices had fallen 20% and this was another 55%, therefore making 75% peak to trough, which really seems a bit crack pot IMO.
I think they also said then there would be 6 million people in negative equity but if that was the case, it would be more like 95% of folk in negative equity.
I think the Mail and the Telegraph love a bit of scaremongering, and love the crisis even more than they loved the boom.