"Also, I think you're wrong about the bail out being based on current valuations, although obviously it has to cover the debts (which were obviously based on them) there is talk of buying debt at discount."

Sorry, didn't make myself clear. I meant the discounted value is discounted from the original valuation - they have no other guide unless they do millions of new valuations in a very short time - and that original valuation may well be highly dodgy.

As for what will the housing market do now, I dunno, nor does the govt. I suggest. It'll go up. One day. And that's as authoritative as you'll get. I was well aware of the statistical elements of the building societies' monthly property reports and predictions and honestly, they were complete flim-flam, just headline seekers, and they knew it.

As for the Royal Institute of Chartered Surveyors and their "this month 76% of our members in Anywhere Town reported a rise in prices" well that's just cock, most of them are lucky to sell a single house a week and that's hardly likely to be similar to the one they sold last week so they're just complete liars.