Its definitely a buyers market, I know a guy who is extremely well off, has a portfolio of 10 properties he rents out, 6 of which are mortgage free and he couldn't get a mortgage on a new property unless he remortgaged his own home and put down 50% cash.

The UK housing market is in dire trouble, this trouble brewing from the JP Morgan losses could really tip the whole market into a death spiral without intervention from the bank of England / Government.