Sharon Ball

Commenting on Nationwide figures showing that house prices fell by 1.7% in September, Liberal Democrat Shadow Chancellor, Vince Cable said: "Day after day we hear yet more bad news for the housing market, as people continue to feel the pinch from Britain’s struggling economy."

Vince Cable continued, saying:

“Millions of families are struggling to make ends meet, faced with the twin menaces of rising energy and food costs. Ever-increasing numbers are slipping into negative equity and unable to afford their mortgage payments.

“Alistair Darling’s stamp duty bribe to buyers has clearly failed.

“Rather than trying to artificially prop up the market for political expediency, the Chancellor must act to prevent a repetition of the waves of repossessions last seen in the Tory recession of the 1990s.

“It is absolutely vital that the Government legislate to create a statutory code of conduct for all mortgage lenders. Repossession should only ever be the last resort.”