The classic supply and demand equation is something that will potentially result in shorter and less drastic house price crash than the one many doom-mongers are predicting.
The reality of the UK housing market is that they are building far too few homes to meet government targets. Heres a recent Times article on the subject.
Long term house price inflation is very much dependent on the two key factors of supply and demand.
Supply - how many properties will the government actually get built ( at the moment not enough)
Demand - how many people will be living in the UK ( at the moment the government don't have a clue about the true levels of immigration, will the population continue to balloon through immigration, both illegal and legal or will as the Polish workers are starting to do - will immigration levels start to balance out because many migrants prefer it 'back home'. Or will there be stricter restrictions on immigration that will limit UK population growth.)
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