The number of homes changing hands has dived by 53% over the past year, figures showed today. Just 59,000 residential properties worth more than £40,000 were sold during September, the lowest level since HM Revenue & Customs began issuing figures in this format in 2005.

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The number of people claiming unemployment benefit rose again in November. The number of people out of work in the UK rose by another 164,000 between June and August, to 1.79 million, according to government figures.

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The story of the UK housing market – the real story, the bit with the heroes.If we are to blame the market then "Alan Greenspan, former chairman of the Federal Reserve, must be the main villain for allowing cheap credit for so long and creating a climate where people imagined debt was risk-free.

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Council of Mortgage Lenders has admitted short term property price forecasts are wide of the mark. The Bank of England reports that the number of mortgages approved by lenders fell from 33,000 in July to 32,000 in August - 75% below their peak.

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UK house prices have fallen for an 11th consecutive month, dropping by 1.7% in September, according to the Nationwide. The lender recorded a 12.4% annual drop in prices, pushing the cost of the average UK home down to £161,797, more than £20,000 less than a year ago.

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