How much will house prices drop from their 2007 peak?

My Fun Online Poll with over 700 votes cast shows that the expected overall drop is 42% with a standard deviation of 11%, which is slightly larger than the statistician's rule-of-thumb that SD = highest minus lowest divided by six, however 84% of results were within one SD of the arithmetic mean, so that looks pretty solid.

It'll be interesting to re-run this in six months' time or so, to see how expectations* have changed. Maybe I ought to rephrase the question to "By how much would house prices have to fall before you as a First Time Buyer or Buy-to-let Landlord would consider buying?".

NB - the options '10%' and '20%' were included for a giggle as much as anything - average prices are already down over 10% and steaming towards 20% - but only 4% of people fell for the trap and chose one of these options.

* I voted for '40%', BTW.