If housing prices go down, is that good or bad?

In the UK, there is a massive housing problem, especially in London, where a normal family home can cost you just under $1 million USD, no word of a lie.

Politicians say that in order to fix this problem, we need to build more housing, with more housing being built and more people being able to buy, eventually the cost will come down so that normal people could afford to buy a home, which does make sense, just like in the 19th century, only the very wealthy owned cars, then they started making millions of cars, force the price of cars to fall so in the end, everyone could afford a car.

However, I just thought, if you lower the cost of housing for poor people. Wouldn't that simply mean that all house prices will collapse, so everyone who has a mortgage won't be able to sell to pay off their mortgage as the house price would be much worse?

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