Some of the most desirable property has already dropped by much more than 20%, and there is a great deal of property out there that has dropped by 10-20% and still hasn't had a sniff of interest.

Property of course is less liquid than shares, everyone here recognises this, but this does not mean that prices won't fall, it means that the falls will take longer, the dynamics of the market play out in agonising super slow motion, but the dynamics are mostly the same.