As we consider, or for that matter dismiss the possibility of a house price crash in the UK it is perhaps worth taking a look at the shape of things in the US.

The most respected figures for house prices come from the S&P/Case Shiller index and this shows prices down 12.5 per cent from their peak in July 2006.

The more worrying aspect as is clear from the data and the graph shown is that the speed of decline appears to be quickening.