Britain's property market is in the midst of a full-scale slump with house prices falling at their fastest rate in 15 years, according to a new study. But why is there an assumption that continuing rises in house prices is a good thing? Why not see the fall in house prices as a welcome change? House prices as a percentage of income are grossly overpriced. Low interest rates and cheap mortgages have led to the property market, particularly in London, being overvalued. Surely this will make houses more affordable. First time buyers will be happy beneficiaries of a housing slump. Others finding a silver lining in the gloom are those in rural communities for whom a house had seemed simply out of reach.