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Francis Ghiloni, marketing and business development director at mform.co.uk, said: “There are still competitive deals and lenders willing to offer 95 per cent loans, but the most competitive offers are being restricted to people with big deposits or substantial equity.

“First-time buyers or those who have entered the property market recently will struggle to qualify for the most competitive rates. That makes it even more important for borrowers to focus on the true cost of their loan including all fees and not to simply focus on rates.”

“For the vast majority of landlords, a slow housing market is nothing new.” explains John Heron, managing director of Paragon Mortgages. “They recognise the counter-cyclical nature of buy-to-let and many landlords have held property through previous housing cycles. Falling prices are spooking first-time buyers and they are delaying house purchase, with tenant demand at high levels as a result.”

Miles Shipside with Rightmove stated, “Despite some deals being done at prices that begin to address affordability concerns, the number of transactions this year is in danger of being the lowest since 1959. The lack of mortgage finance is central to the problem, and perhaps that is where policymakers’ attention should be focused, as the banks can’t or won’t sort out the mess they were instrumental in creating.”

Nicholas Leeming, director of propertyfinder.com, said: “This is an early indication that the Bank of England’s cash injections are finally filtering down to help borrowers. We can’t rely on lower base rates while inflation looms large. So to see some lenders actually cutting their mortgage rates is a very positive sign and indicative of the recent reduction in interbank lending rate.

He continued, “It’s early days, but if lenders actually begin to pass on the benefit of previous cuts to borrowers, and competition returns to the market, we could really begin to see light at the end of the credit crunch tunnel.”

“It might help people like first time buyers, who need a deposit for a house, but the fundamental problems in the housing market go deeper than that,” said Howard Archer of Global Insight. “Arrangement fees have risen sharply, so any reduction in the money that house buyers have to shell out up front is good. It would marginally boost sentiment and reduce expectations over how far and how long house prices may fall.

“This could in turn cause some potential buyers to return to the market, particularly if the scrapping of stamp duty is only for a specific, limited period. But it’s not going to turn the thing around sometime soon as the problems relating to affordability and tight lending conditions run pretty deep,” he added.

Howard Archer, chief UK and European economist of Global Insight, said: “House prices will continue to head south rapidly, Buyer interest is weak, it is taking longer to sell a house and sellers are achieving a falling percentage of their asking price.”

David Hollingworth, of London & Country, a mortgage broker, said: “Prospective first-time buyers are either holding off to see how far prices will fall or because they now need a larger deposit and face higher mortgage rates. The longer this goes on so the decline in the market becomes self fulfilling.”

David Knight, analyst at Moneyfacts.co.uk, comments: “Following the latest figures released by SHIP showing the amount of equity release business has risen 14% in Q2 this year Moneyfacts.co.uk can confirm that the number of equity release products available has also risen since the beginning of the year. 60 products are now available to choose from, representing a rise of over 25%.

“The importance of equity release to an ageing UK population struggling with inadequate pensions has been heralded for a long time. Have we finally seen the flood gates open?”

According to Henry Paulsen, the Treasury Secretary, “Essential to ending the correction is a return of homebuyers. In many parts of the country a starter home had become unaffordable, and the current correction should bring home prices back within reach for many Americans, so long as financing is available. … [W]orking through this correction is made more challenging by the virtual disappearance of the subprime lending market. In response to excesses, that market has probably changed unalterably – as it must.

“Consumers are recognizing that the economy is weakening, and that’s going to affect them,” said Fionnuala Earley, chief economist at Nationwide. “The next move in rates will be down, but it will be much later this year or next year.”

Jay Butler Owner of Butler Realty said, “From June of last year till now we’re down on sales prices about 15-19 percent. It’s coming back. It’s just a cycle. It’s just something that happens. We had an inflation rate that was four percent every year and too much guaranteed and we’re not seeing that now.”

Daniel McCue from Harvard’s Joint Center for Housing Studies states, “When you focus on the middle income, you see a lot of trouble. You see lower middle and middle income homeowners really reaching to own in expensive.”

Kevin Stein, associate director for the California Reinvestment Coalition added the report, “Shows that people are just barely making it, if at all,” Stein said. “Nobody’s really working for solutions. We need to get some relief and some reform.”

“Overall the report does support our view that the strong surge in starts reported last month (which has now been revised downwards substantially) was not an indication of an eminent rebound in the U.S. housing sector, and was in fact an anomaly,” said Millan Mulraine, economics strategist at TD Securities. “Moreover, fundamentals in the housing sector appear to suggest that a turn-around is not likely to take place until the latter part of this year.”

“Since last summer, residential construction has cut overall growth by an average of one percentage point,” wrote Commerzbank Economist Patrick Franke in a note to clients. “By the end of 2008 this effect should be down to almost zero. An important headwind for growth will then be gone. But higher interest rates and higher energy prices present significant headwinds for a solid recovery.”