According to Danny Blanchflower, former member of the Bank of England's monetary policy committee, last year's house price rises are unbelievable and point to the fact that property data is unreliable.
He has warned that there was more pain to come for the housing market. His main argument is that, with unemployment rising, incomes stagnating and a massive reduction in the amount of credit available to would-be buyers, there was no justification for the rises in price seen in 2009.
