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Barclays Bank today predicted that house prices would fall a further 15%, which translates to a 30% peak to trough correction. John Varley, group chief executive of the high street bank, cited irresponsible lending as a contributing factor for the current economic crisis.

Varley's bleak outlook extended to the job market:

The Halifax has confirmed earlier reports from Nationwide that house prices have dropped by 1.7% over the past month, restoring the average house price to a level not seen since the summer of 2006. The news came off of the back of the Bank of England announcing that interest rates would be kept at 5% for the 4th month running amidst fears of growing inflation.

Nationwide have released their house price index figures today and it certainly makes for grim reading if you’re a homeowner. There’s been an 8.1% drop in the last year, with the average house price now at £169,316 – that’s £15,000 cheaper than in the same month last year.

House prices have now fallen for nine months in a row and are at their lowest level since August 2006.

With Wimbledon fever once again gripping the nation, it has been revealed that it is not just strawberry stockists who are cashing in.

Landlords and residents who happen to live near the All England Tennis club are hitting the jackpot by renting out rooms to players participating in the tournament.

So the news out today is that 23,000 people are staring down the barrel of negative equity, but what does it mean?

In a report released by the Halifax, house prices in the UK fell by 2.4% in May pushing house prices to 3.8% lower than they were 12 months ago. In a BBC report, chief economist at Global Insight Howard Archer described the figures as "undeniably alarming" as tight lending conditions and stretched buyer affordability continue to reverse the trends of the past decade.

The BBC is today reporting that house prices have sharply declined in March, falling by 2.5%.

The UK has no ‘affordable’ housing markets, claims a new survey…

After examining the housing affordability situation of 227 urban markets, the 2008 Demographia International Housing Affordability Survey ranked the UK as the third most unaffordable market in the English-speaking world.

Some 25 of the 28 markets in the UK are ‘severely unaffordable’ and three markets are ‘seriously unaffordable’.

House prices fell for the fifth month in a row during February but there were signs demand is beginning to increase on the back of lower interest rates, figures show...

The average cost of a home in England and Wales fell by 0.2% during the month to £174,400, according to property information group Hometrack. At the same time the annual rate of house price inflation continued its downward trend to stand at just 1.4%, its lowest level since April 2006.

Richard Donnell, director of research at Hometrack, said: “Despite the continued weakness in underlying prices.

In the first of a series of exclusive Stunning Views polls carried out by the headlineproperty website, a resounding 79 per cent of property journalists said they believed UK house prices would continue to fall in 2008.

Journalists who believed that prices would continue to fall this year were asked to estimate by how much figures would drop going forward. While individual responses differed sharply, the average decline was projected to be between five and six per cent.