No, it won't.
Chances are that exactly what happened last time will happen again. Many people living on the financial edge will go under with huge debts. Banks will pick up housing stock and will wait, mainly because lending criteria will be tightened so much that you and your DH won't be able to qualify. Interest rates will remain high, very high, like 20% high. Deposits required will be a minumum of 25/30% of the value of any property.
And all will return to 1970s, early 80s style of lending. Strict criteria, low multiples of salary, every bank having to clearly show that they have done due diligence on every applicant - so much so it will feel intrusive to an extent that nobody who has applied for a mortgage or loan in the last 20 years will recognise the situation.
Credit of any kind will be tightened, similarly intrusive searches will be done for applications of any reasonable sum.
All sorts of other financial issues wil happen as the housing crisis hits everything else and Loh! Another Credit Crunch. And this time happening to a generation of people who have never really had any experience of the utterly patriarchal banking system that treats everyone like small children. The clash between staid banking and the current commodity based society will ring loud.
Housing stock will be bought by larger firms, insurance companies, pension companies. Rents will increase - oh yes, you read that right! - and home ownership will recede even further.
Yes, some will strike it lucky, will have deposits etc ready to go and will be able to buy as the first tranche of housing hits the market combined with the government squashing lending rates. But they may become victims of the bounce, just like the second crash back in 1991 - the one everyone talks about which was the bounceback crash after the late 80s boom and bust. You have to wait for a few more years until it is safe to buy again.
We did that in 1989. Managed to buy a very cheap flat. But we were then unable to sell it for about 20 years because nobody would look at it. That effectively meant we had an unsaleable property, 100% negative equity. Houses were eventually cheaper, you got more for your money than if you bought a cheap to run, newish build flat. So we went to University instead, taking advantage of its cheap to runness. Eventually, in 2000, we sold the flat for what felt like a fortune, almost at the peak of its saleability. And found we couldn't afford to buy anywhere else. So we rented a property we couldn't afford to buy.
After another 20 years we have finally managed to buy another property. Far, far away from areas we would like to live, where we work. But it is a lovely house, nice place and we will be able to retire here without being too stretched.
So rein in that glee. Start looking up, reading around the realities of what might happen. Work out what your real situation is and what you really can afford. For example, we bought our cheap flat when interest rates were at about 8% - sounds horrendously high now but was relatively low back then. We worked out what we could afford at 20% and stuck with that. With our 1% over base rate mortgage the interest rates topped out at about 19% and we just managed to keep everything together and not lose it.
It was those who had bought relatively recently that got hit by that second hit. Those who had 2 year fixed rates that ended as the second wave came in. Young people who had thought they had caught the wave at the right time. Regardless what many here have said over the years, people really did hand their keys back to the bank and give up their homes. They couldn't afford the mortgage and nobody was buying. Banks ran out of patience or the ability to wait and so took back properties, which were then sold off cheaply to investment buyers, leaving the original mortgage holders with large debts! That won't be so easy these days as social housing won't be thre to pick up the pieces. Low as stock was back in the 90s it did exist, the 1988 Housing Act saw the development of Housing Associations, so they were in the first flush of building.
So, whilst your DH has some idea he hasn't got the whole picture. The whole picture is miserable! Much more so than now!
Stop smiling, start reseacrhing and checking your actual financial position!