Although most of the blame lays largely at the feet of various governments, it is easy to see that personal responsibility has taken a large part in the lack of homeowners that are available in the modern day. Individuals who are unable to repay home loans have taken them out and been foreclosed on, causing a difficulty in the marketplace for banks to keep up with.

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“We discount Freddie’s presentation . . . about how it can stay above regulatory-capital minimums come hell or high water,” the consulting and research firm Federal Financial Analytics said in a report to clients. “Any number of assumptions in it are questionable,” the firm said, adding that it was “a near-certainty” that Freddie Mac will ultimately become undercapitalized.

“We’ve obviously provided you with an extraordinary amount of information, but I’m not going to apologize for that,” chairman and chief executive Richard F. Syron said in an Aug. 6 conference call with investors and analysts. The aim, Syron said, was to provide “as much information as you could possibly need . . . to come to your own best view of what the future may hold.”

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Director of RICS Wales, Cathy McLean, said: “The Welsh lettings market is booming with many sellers opting to rent their property while sales in the housing market continue to dry up. Becoming a landlord is now an increasingly profitable option with rising rents and yields offering good returns.”

RICS spokesperson James Scott-Lee said: ‘The lettings market is booming with many vendors opting to rent their property while sales in the housing market continue to dry up. Many are willing to hold and await the return of capital appreciation.

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“The reality of being a homeowner means that at some point you will inevitably have to pay out for repairs such as broken boilers and faulty appliances, ” Hetal Parmar, Manager for Savings at Alliance & Leicester, commented, “We would encourage people to start saving sooner rather than later to avoid a basic household emergency becoming a financial headache.”

Parmar added, “The soaring cost of living will undoubtedly mean incomes are stretched but even by just putting a small amount aside each month you can easily build up a household fall-back fund in no time.”

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A Nationwide spokeswoman says: “One of the things we recognise is that longer fixed rates are not for everyone. However, they do offer long-term stability for people who know that whatever happens in the outside world their mortgage rate will never change. This can be useful for people who work in industries where incomes do not grow as rapidly as others.”

“Today, the cheapest rate is a new deal from Woolwich, at bank base rate plus 0.69 per cent. However, it is only available on a loan-to-value (LTV) of 60 per cent. For LTVs of 90 per cent, the Woolwich lifetime tracker rate is bank base rate plus 1.59 per cent. For those on higher LTVs, the next cheapest is an HSBC lifetime tracker, set at bank base rate plus 0.79 per cent. This has a £599 booking fee, plus additional charges. When you consider the possibility of rates falling further some time in the coming year, plus the point of not having to refinance your mortgage every two years, lifetime trackers look very good,” added Ray Boulger of John Charcol.

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Howard Archer, chief UK economist at Global Insight, stated that housing values “will continue to head south at a pretty rapid rate. In addition to extremely muted mortgage activity, latest survey evidence shows that agreed house sales are very low, buyer interest is weak, it is taking much longer to sell a house, and sellers are achieving a falling percentage of their asking price,” he said. “All these factors point strongly to further declines in house prices.”

Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors said, “Against this backdrop, it is not surprising that the high street appears under increasing pressure with consumers scaling back purchases of a range of household goods.

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Michael Coogan of the CML stated, “This proposal has the virtue of being delivered through the market itself. Unlike a government guarantee, the investor keeps the credit risk. But it specifically incentivises investors, which the Bank of England’s special liquidity scheme does not. A year into the credit crunch, there is no merit at all in waiting until the autumn before taking steps that will help the housing market to remain more resilient, and so help the overall health and stability of the UK economy.”

Nicholas Leeming, director of propertyfinder.com, added: “The Government is floundering and has singularly failed to offer any leadership to get the markets moving again. The CML’s proposals could get the mortgage market on its feet so that both new lending and existing books of mortgages can be effectively financed. With access to new funding, lenders would have to compete with each other again – and that means they could finally bring their sky-high mortgage rates back in line with the base rates.”

Louise Cuming, head of mortgages at moneysupermarket.com, said: “The withdrawal of 100 per cent mortgage products by the Bank of Ireland, which includes Bristol & West, has virtually shut the door on anyone buying a house with a deposit of less than five per cent. This is a very disappointing move by the Bank of Ireland because its product was designed around parental support and was an innovative approach to help first time buyers onto the housing ladder. The withdrawal is yet more evidence that funds are just not available for higher risk propositions.”

David Kuo of Fool.co.uk stated, “The once level playing field that borrowers could count on for competitive rates has been tilted in favour of banks. Even worse, banks are offering unattractive deals knowing that customers are faced with little option but to accept them.”

Darren Cook of analysts Moneyfacts, said, “There is little difference between the initial monthly repayments of these two deals and, in my view, we have now seen the end of loss leading product pricing within the two-year market. With the short and medium term economic outlook not looking too promising, homeowners are less likely to move home due to falling property values and banks lowering the maximum loan to values available. There is now new scope for a borrower to possibly take a more prudent approach, to look past previously popular two-year deals and look for longer term stability.”

Robin Amlôt, senior editor of Moneyextra.com, said: “First-time buyers are being pushed out of what’s left of the housing market - being asked for deposits that could run to several tens of thousands of pounds.”

Robin Amlot, senior editor of Moneyextra.com, says: “First-time buyers are being pushed out of what’s left of the housing market by being asked for deposits that could run to several tens of thousands of pounds. Mortgage interest rates, in general, are cheaper now than they have been for more than a year but it’s impossible for many potential buyers to find a lender because of the size of deposit they’re being asked to provide.”

“Mortgages aren’t cheap and lenders aren’t fighting for our custom in the way they used to but you could still save yourself almost £2,000 a year just by making the right mortgage choices.”