The rocket scientists at M&G have calculated that house prices are dropping at 25% per annum based on the latest Halifax figures and that "house prices are set to fall a lot further". Meanwhile BTL mortgage costs are set to jump by 36% and will not be covered by increasing rents and despite cuts in the BoE's base rate cost for FTBers have also risen sharply. Publicly mortgage lenders are in denial about the current crisis hoping that "higher margins" will make up for lost business. With more bad news on the horizon commentators are rushing to jump on the HPC bandwagon.

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