Happened to speak to someone at work today for the first time. He's in charge of purchasing land in the hope that planning permission is later given to build new homes, it's called land locking, has a budget of around £7 million a year working for a housing association. He not in charge of pencils or filing, he's head of the department. Anywhoo, he claims that land has fallen around 30% since October 2007 and is still falling.

I'm not sure how this directly links with house prices, e.g land down 30% means house prices down x%, but I thought it was interesting nevertheless

land is a leveraged play on house prices.eg 2007 buy land 50k,build house for 50k,sell at 120k for 20k profit.
2008 build house for 50k,sell house for 100k,so to make a 20k profit they need to pay no more than 30k for the land.What you're saying would imply HP down 15%.And bizzarrely,thats the very figure a lot of finance firms are working on-wont admit it mind.