For existing homeowners, the spiralling cost of homes was always going to be unsustainable in the long run but Britain is well placed to deal with the slowdown. Whilst it is understandable that anyone with a big mortgage will be worried that their property might be worth less than they borrowed, it’s worth remembering that economic conditions in 2008 are very different to the negative equity nightmare that lasted from 1989 until the mid-1990s.

Employment is now at a record high and unlike the sky high interest rates of fifteen years ago, the Bank of England is under pressure to cut rates. Gordon Brown has sought to reassure homeowners in a bid to avert over-reaction and potential chaos.

He’s been proved right in the past, and as we tighten our belts, we hope he’s right this time too.