What annoyed me about the little I have seen so far is the overdependance on economic indicators. Those are helpful, to be sure, and many people have ignored them for too long - to overall economic detriment! - but the whole point about the recent housing boom (any boom, in fact), is that it shows up classical economics as bullshit.
I am a bear, and have always been a bear, but I must admit that that's because I've also been seduced into smugness by this classical economics bullshit. I realise now that people don't act in their economic best interests (they see a bandwagon/ emotion takes over/ their pension's value crashed and they are scared, etc.) , and moreover, it has come to a point where banks and governments can't afford to make people act in the greater economic interest, either (e.g. by severely restricting credit, encouraging saving in a meaningful way, etc.).
In some areas, property prices are bound to go up, because Good Schools will funnel in all the money of people who still have money/credit, as maybe they can't quite afford to send their children to private school, but they will certainly buy into the best state schools they can! This funnelling dynamic is at work at the top of the market, with the highest-end London properties still commanding huge prices because moneyed people from around the world are coming into the market (increased demand, supply relatively steady). In some parts of the UK this upward dynamic will not be available, so prices will definitely fall, for reasons I don't feel like rehearsing.
Nevertheless, public spending cuts are an important economic and emotional factor which it's wise to keep in mind. when considering property prices. If some of the HPC forum members are making such disparaging comments about women, nesting, children and families, they are probably missing something which would really add to their understanding!