Dear Sir/Madam
States Economies cannot be built on bricks and cement. and it houses don't make a nations wealth Look at the Japanese example of the 1990's. The whole economy collapsed and is still suffering because of house prices.The same is happenining in the USA and in the UK right now. The most healthy economy is the German economy because it does not create wealth on house prices but on production of goods and services.
The BOE should keep the interests unchanged to help create real economy stability and not an economy based on house prices.

NICHOLAS XENOPHONTOS, LARNACA,

We're at the end of the very end, there's nothing left in the pot. Today's economy is based on yesterday's speculation; speculation based on an economy supported by debt; debt borrowed by the stupid who are not clever enough to see the end. Its pay back time, nobody is going to like it, but it's going to happen. But it's not all doom and gloom, aparently you can take out loans against the value of your car using your log book as deposit, maybe there's still hope for those who helped to create this mess!

Wayne, london,

It's amazing that Scotland is so out-of-step with the rest of the UK. According to the latest statistics from Lloyds TSB, prices in Edinburgh fell 5% in the last quarter and they fell 4% in Aberdeen - yet here we are seeing Scotland as the one and only place in the UK where surveyors have seen a rise in prices! This somehow makes no sense.

Prices in Scotland are far out of line with salaries and Edinburgh, in particular, has had a ridiculous boom. Prices in Edinburgh are now on a par with the much more overcrowded South-East of England despite an average local salary of 24k. Yet still the prices climb - when is sanity going to return to Scotland?

MB, Edinburgh,

Even BOE lower its interest rate which not easy when oil price is high, US dollar is week (oil prices traded in US dollar), inflation every where is on the up, we will see that the potential are still reluctant to pay for the house prices. why the UK housing market is far over valued, income does not rise on the same pace, continuous job cuts - no longer afford to pay .

Linder, London, UK

Do we still need 3 million more homes now?

MarkS, Leeds,

The economy is larger than Bovis. An arrogant statement by Mr Harris.

Clive, London,

Average families on average incomes live in average houses in the UK. At some point in time prices will return to the average long term level.

Less immigrantion, reduced credit availability, small number of job losses, increased inflation, negative sentiment, modest BTL returns, boom in apartment building, less willingness to take on a large mortgage etc, etc.

House prices in the UK are set at the margins of affordability and speculative return. All the things that made the boom are no longer present.

I am not convinced about the limitation of supply, I see limitations of affordability; house prices will drop!

Costas, Cyprus,

If Bovis wishes to increase its sales it should lower its prices - simple as that. With Sterling weak and inflation high and rising, the very LAST thing the UK needs is more rate cuts. As for 'job losses', these will mainly be among Polish migrants who are starting to return to their country, where house prices, salaries and living standards are all rising. I suggest that Mr Harris starts learning Polish, then he can cash in on the developing Polish property bubble.

Paul, Coventry,

Strange, I thought we couldn't concrete over the countryside fast enough to keep up with demand?

Bob 1, London,

Look on the bright side, it should help the Olympic program as there will be no shortage of workmen.

Keith, Ashford,

When will people learn that interest aren't set to serve the interests of the property market ?!

Sofie Nears, Oslo, Norway

The housing market is crashing. Very obvious. Long predicted. Now actually confirmed by the various statistics (all of which are backward looking, so it has been going on for some time).

In this context, there is something very creepy and dishonest about the comments from property industry professionals. The man from Glasgow lauds rising prices as "normality". The man from Bovis Homes says "we" need interest rates to come down. No. He (not we) wants (not needs) interest rates to come down. And the Bank of England should decide, not special pleading from one industry.

If any other industry tried to foist this kind of nonsense on the punters they would be howled down. Can you hear the director of a large supermarket or publisher trying to dictate to the Bank of England, or praising their own rising prices?

Roderick Random, London, UK

Would you look at N. Ireland. -95%. Unbelievable that there are still those that claim that the housing market in N.ireland is still buoyant.

James Craig, Belfast,

You will always have the people who talk a market up all the way to the bottom. It is in their best interests. What makes me laugh though is all the mugs now calling for rate cuts to keep the market "buoyant". Where were the rate rises whilst prices where hyperinflating? But it's ok because oil and food are flying up in price now. Or is that the wrong kind of inflation?
Rate cuts will do nothing. It's like pushing a piece of string. Banks aren't going to start lending more cheap money during a credit crunch .They need to make provisions for all the bad debt about to come flooding in from overstretched borrowers who stupidly thought prices only ever go up.

Edward, London,

This return to sensible values is long overdue. Lets hope the BOE remembers their job is to protect against inflation and not to prop up this house market. Whining estate agents, building companies and other vested interests should be ignored.

This is very good news for first time buyers.

Ian, Bedford,

Would you look at N. Ireland. -95%. Unbelievable that there are still those that claim that the housing market in N.ireland is still buoyant.

James Craig, Belfast,