It's important to keep inflation under control, a faultering economy will help keep inflation down but with the amount we import we also need a strong currency to keep inflation down.

The market will sort out house prices.

David, Marlow, Bucks

UK dos not produce anything else but mortgages!

riccardo, brussels,

It think if people start buying houses as homes to live in and not for quick investment or buy to let then the market will go into a bit of a down turn but it will even out and end up being better off.

Scott, Aberdeenshire, Scotland

britain is a tax and spend economy. we dont manufacture anymore and when we do we use imported components. if we reduce public spending we will be in recession. house prices are high because building land is in short supply cos planners think that a grass field is worth conserving. grow fuel crops.

steve johnson, stockton, durham

Current mortgage rates are a side effect of globalisation. In the global financial markets, the BoE dropping UK interest rates is almost irrelevant. The financial markets are beyond the control of the BoE as we found out many years ago on Black Wednesday.

Keith, Ashford,

Is there any news yet as to whether the predicted flood of buy-to-let homes has come on the market as a results of the tax changes?

AH, London, UK

John Reigate, buy a home in California then wait to get your property taxes, your service charges, your disposal and energy bills etc. Insurance is a multiple of the UK. There's a recession but if you get a job you'll pay state and federal tax. There's no NHS or public transport - Ca is expensive!

Tom Moncrieff, London, England

Jyotin, George town, Cayman Islands

You cannot build a sustainable economy on ever increasing home prices. All the growth of the "Brown miracle" is based on debt expansion and its servicing and is always going to lead to reduced consumption at some point in the future.

Edward, London,

"There are fears that the scarcity of new homebuyers coming to the market could further depress house prices."

Why is that a fear? Prices are massively inflated and need to reduce. That's not 'depression', its correction. Stop talking this nonsense: put it in its inflationary context.

Joe, Manchester,

Property prices in the UK will have to fall a lot to stop youngsters like me and most of my friends from seeking a better life abroad. They are practically giving away homes in the US, even California is pretty cheap now. It's a global society and the UK simply doesnt measure up anymore.

John, Reigate,

so what???? House prices will go up anyway!!! They always go up ...

Alex, Chelsea,

I find it difficult tp fathom the glee in falling house prices. Some people seem to think that "greedy buyers" are just getting their comeuppence. Falling house prices are going to depress spending on conveyancing and solicitors yes, but it will also decrease spending overall, hurting many companies

Jyotin, George town, Cayman Islands

This is good news which will go some way to redressing the huge volume of private debt in this country. Hopefully mortgage equity withdrawl - which should never have been permitted in the first place - will also fall accordingly. As house prices fall, so too will the volumes of money loaned.

Paul, Coventry,

This is not the right time to buy as prices are over-inflated - the general public and banks seem to be showing common sense! Let the market operate.

Pity for estate agents, buy to let speculators and those whose property values have doubled in the last 5 years - sometimes greed is NOT good...

Alex, Edinburgh, Scotland