Also, the banks are playing dirty tricks and not lending for barely anything other than a purchase of their properties, and are obviously keeping the market artificially out of whack.
Actually, it depends more on the funds that the buyer has and his earnings. I have just had a UK client approved a 65% mortgage (VAT and Reg. costs not included). The sales price is 278.000 €, and this is with the CAM bank. I know that the general feeling is that they are not lending, the truth is that they are, just being a lot more careful to who and how much.