There used to be a rule where you could get a mortgage based on 3.5 times your joint disposable income and no more and you had to deposit 10%. The government changed the rules and people started getting mortgages that were 10 times their salary; it is obvious this cannot be sustained for long.

joe, Edinburgh, Scotland

I am Joe Average and our mortgage has just shot up by £300 per month . We both work hard and have two young children - we cannot afford to pay the extra so either lose our home or go into rented. I am sick of hard working people losing out. I don't mind if my home loses value - prices are too high

Adele, Liverpool, UK

I am an observer of U.K. real estate for a long time and always wondered how can anybody pay such astonomical price? These prices are simply not sustainable with avarage wages of majority of population. Formally it was middle eastern people and now Russian are supporting this whacky prices.

Ravi, Atlanta, U.S.A

Will the last one to leave please turn off the lights

KPR, London,

Anyone know what David below is on about? Me neither. I'm guessing his a home owner and proud of it. To be honest i'm happy im not a home owner, negitive equity was never my cup of tea. Cheaper homes for everyone is good and i hope to get in on the act soon. like many others i suspect.

Sunny, Coventry,

So what? It's simply not a story!

If you can't afford the ups and downs, don't get a mortgage.
If you have to sell, sell and buy, or rent and accept the market price, as you would have done quite happily, with no govt intervention, if they were high.

Nobody NEEDS a mortgage, that's the point!

Laura Roberts, London, UK

Any buyer who tries to get "on the ladder" now is mad.
Any buyer who stretched themselves mortgage wise over the last 2 years, is mad.

It was obvious. Get over yourselves! And FTBs - do NOT buy for the next year, do NOT fall for what the RICS, estate agents or government tells you!!!

Tom Franklin, London, UK

Good Old Labour, get the public to prop up the economy with their own homes ! What are you left with, soaring house prices and an economy that can't be sustained, who pays for it, we do. I wish hardship on no one but a crash in house prices is NEEDED, and has been for the past 5 years !

Jim Andrews, London, UK

Pedro, this is due to Labour's Economic Policies over the last 10 years, not just the confusion in relaxing stamp duty !
Quote from Gordon Brown "I will not let house prices get out of control", not only did he let it but he encouraged it !

Jimmy, London, UK

Boom Bust Boom Bust Boom Bust Boom Bust....

Get it

Human Nature never changes.

Sean, London,

A lot of people are saying this crash will enable first time buyers to get a foothold.??
If you look at the rates on offer from the various lenders and the application fees they are charging its a lot more than in recent years. Also the criteria attached to getting one has got more stringent.

craig, edinburgh,

'amit hindocha', you cant wait for misery to hit?? You're so excited?? Oh I see, you dont own your own home, bitter about the fact you never got on the market. How's your rented by the way? what a great invesment that must be..

Sit tight home owners. It will all come good in the end..

David, London, uk

There isn't enough mortgages to support houses prices at 8 times average income; house prices will fall to the long term trend of affordability.

CM, London,

This is only due to Darling's dithering on stamp duty and is an exaggerated picture of the housing market. Darling needs to take early retirement and soon.Bye.....byeeeeee!

Pedro, London, UK

"Soaring energy and fuel prices are piling more misery on homeowners." What about renters? Aren't they feeling the strain too?

Rob H, London,

Tom-Reading, a house price collapse is good even for Joe Average who just bought a house.Housing is an expense over your lifetime just like driving or food.The cheaper the better.Only 2nd&3rd houses are investments.Recent homeowners will benefit greatly over their lifetime as they upsize.

AP, London,

Buyers are not "deterred by demands for hefty deposits and higher mortgage rates". They are deterred by the fact that prices are at unsustainably high levels, the trend for prices to fall has already started, and it's only going to get better for them.

Jim, Enfield,

im laughing at the buy to let parasites that have invaded the property market, all parasites get sqaushed sooner or later.. cant wait for the misery to hit, im so exicted

amit hindocha, birmingham, uk

That is assuming that Joe Average is waiting for a crash. What about Joe Average who bought a house recently or Joe Average who just lost his job through and the redundancies or Joe Average who cant afford food and energy increases. This is going to get tough for a lot of people for a while and ...

Tom, Reading,

... being smug having a know-it-all attitude can't help anyone.

Tom, Reading,

This is a good news to few sections of the people and bad for the one's who own properties.The sliding price has created distress for people who want to dispose of their property but the good thing for youngsters i.e. pupils out from studies is that can can grab properties for a less price.

abrar, london, london

great news, I am enjoyng your economic crash!

riccardo, brussels,

If first-time buyers on an average graduate salary all buy a house where chavs reign, then chavs won't reign there for much longer, Howard.

starling, Lancaster,

Quite depressing to think that the only thing that kept UK PLC going was unsustainable lending to a country of people that believed in the ever rising house prices. The UK has no industry and the folly of the last 20 years is about to be felt by us all.

Chris, Chipping Norton,

Well said TOM the greedy people will not like this but Joe average will,the property price farce of the last 5-8 years or so has been a disaster for the country and may be its downfall.

john, elgin,

If you want to sell a house then ask a reasonable and affordable price and it will sell. 10x typical gross income is neither.

Remember, property was only worth half of todays prices 5 years ago, and loans where cheaper and we had more spare cash.

A long, deep fall is ahead.

A Harris, Kettering, UK

Does this mean that first time buyers on an average graduate salary can finally afford a place where chavs don't reign? Shall I wait just a bit longer?

Howard, Manchester,

Good news at last. Market pressures will, in the long term, work wonders. Everyone (except maybe the greedy) will benefit.
Trust me I'm not a builder, banker, politician, estate agent or lawyer. Just Joe Average who like most want a place to live and thrive.

Tom Taylor-Duxbury, Ludlow, UK