House prices have crashed twice in the last 20 years, between 1990 and 1992, and more recently between 2007 and 2010.
As the economy came out of recession in 1992, house prices began to rise, and continued for a further 15 years. Over most of this period, house prices rose well above the general inflation rate generating a considerable wealth effect. However, during the mid 2000's house price inflation started to slow down, and prices starting falling during 2007. House prices continued to fall throughout 2008 and 2009, and again in 2011.