We need to learn to live within our means again. We get the politicians we deserve - telling us that we have a right to wealth and if we vote for them they will deliver it. Nonsense. We have no more right to wealth than someone in the DR Congo or Sudan. The nation needs to develop decent values.

Billy, Glasgow, Scotland

As a saver who has not lived beyond my means and is now being punished with lower interest rates I have no sympathy for these people.

Andrew, London, England

The problem was this government fleeced pension funds of £5bn, so many people put money in property instead. That combined with less than zero chance of getting social housing unless you're a sponger with 5 kids, made families stretch to buy somewhere decent to live. Bring back mortgage tax relief.

Phil, Rugby, England

Oh for god's sake, get over yourselves.

So you have to sell, so what? People who rent do this all the time, and they can't personalise their home at all, you don't hear them moaning on and on demanding other taxpayers to pay for their choices.

Just sell and move. What's the problem? There is none!

Helen E., London, UK

It's so sad. People dream about owning a home, but believe they never will. Then some unscrupulous money -lender winks & says "for you my friend, a special deal" but they don't mention about being house-poor. Remember that the love of money is the root of all evil.

Sarah, Ottawa, ON, Canada

Legislation should be in place to stop the amateur landlords from buying up numerous (2+) properties to make money out of. Its people like this that have helped push house prices through the roof.

MarkJ, Reading,

I myself have some sympathy for people who have bought there home to live in. The amateur landlords i have no sympathy for. When my investents drop in value the government don't help me out.

House prices to drop for another 2 years at least!

Paul, Bournemouth ,

Thank you Labour 1997 -2009;
Probably the worst Government in British History.

Simon, Swindon, UK

remember the banks saying only as recently as middle of last year "we'll never let it get like the late 80's again with repossessions and negative equity". Where are those people now and let them account for this

chris, cheshire, UK

Struggling families and those under 50 have been the victim of a gigantic pyramid sale scheme devised by the banks and supported by the government. They had to buy homes at inflated prices to live somewhere!

chris, cardiff,

Errrrr......so this terrible crisis has meant people have had to downsize into houses they can actually afford? Oh dear! If people had lived within their means in the first place the economy wouldn't be in this mess!

Tom, London,

We had to do this last February- we were starting to find it hard to pay the mortgage and so had it valued. We knew there was no way the house value would remain high so we dropped it slightly and sold it quickly. We now rent happily and are waiting to buy again when all prices drop. It works.

MGB, Dumfries, Scotland

Daren..... " cash buyers ".

The banks want our cash, hense all the
evictions. Theres a big hole in banking
system so I wouldn't get too excited about
making a quick killing. Its going to take a
few years to recapitalise.

Market is still heading down, I say.

M. Walker., Nr . Bromsgrove., Worcs.

A large number of people bought houses that they could not afford. Taxpayers should not be obliged to bail these people out. I hope that house prices continue to fall, until all hardworking people in this country can afford a decent place to live.

Alejandro, London, UK

Surely instead of bailing the banks out carte blanche - say we will bail you out - on the condition that you revalue all mortgages at a new lower rate. This lets people of the hook ( I agree with Ian - yet these are unprecedented times) and gets more some stability and confidence back in the market

nick, Wellington, New Zealand

This is no surprise, there never was a free market. House builders, government and mortgage lenders all had a vested interest in supending belief to levitate prices. Greedy sellers were the catalytic pawn. Balance is returning as unoccupied second homes and investments get released.

Nick Bromley, Bromley, uk

The scramble to get on to the housing ladder has disapeared,
That is because the ladder is no longer going up.
The sooner everyone realises that there is not the resources to prop up this bubble, then the sooner it will end.
First time buyers are not stupid.
The same cannot be said for others.

David Nammory, Liverpool,

Utter madness. Gov happy people buying houses using massive debt, now want to bail same out. People buying houses they cannot really afford, now wanting to be bailed out.
I have been prudent throughout the binge, what does my tax pounds get? More of the same??!? Do they not understand economics?

spencer, london, uk

"Why don't you actually STOP and THINK for a moment. What alternatives are there... there aren't enough."

I did stop and think and didn't buy. Rental prices have remained stagnant for the last decade with supply/demand equilibrium. It was greedy borrowers that pushed up prices. I've been prudent.

Steve Simmons, Leeds,

These are not really forced sellers. They are downsizers. When they become repossessions they will be forced sellers. Most of these downsizers hope to sell a larger property at a high price whilst buying a smaller property at a keen price. This is not a forced sale.

Michael, West Midlands,

Has Darling ever helped struggling first time buyers? No.

Or professionals on social housing lists who were constantly pushed to the back of the queue, in favour of keyworkers or single parents? No.

Or renters? No.

This govt should remember it serves us all, not just homeowners.

Laura Roberts, London, UK

@ Ian & Dean. Absolutely true. Cash buyers now, will reap the benefits of the next boom. Again!! There have been some seriously bitter people on these comments, relishing the hardship of others, just so they can grab a bargain.

@Sascha - Is it really ALL good news? You may regret that, one day.

Darren Ward, Manchester, UK

The glee and lack of sympathy displayed by some comments really saddens me. When did we become such a selfish society? Things haven't changed much since the days of "Bleeding Hearts Yard" in "Little Dorrit"; save that Mr Casby has been replaced the Banks; "Squeeze them hard, Pancks, hard". .

John Pownall, Bridport,

Cynical lenders encouraged people to calculate affordability based on limited term offers - "you just get another deal when it expires" .
Now there are no big discounts going, so it's hello to SVR and forced sales.

Polly, Oxford,

Just bought a repo in London... at half the price it was valued at last year. Only problem is the lender probably had to right off 15% off the value attributed to its assets and the previous owner got nothing, this doesn't help the stock market nor the populus but I'm feeling quite comfortable!

Mark, London,

Hurrah! All good news for would-be first time buyers like me.

Sascha, London,

I'm really tired of reading ' it's their fault for over-borrowing'. Why don't you actually STOP and THINK for a moment. What alternatives are there, not social housing or rentals - there aren't enough, This is the result of seriously flawed government housing policy and greedy lenders.

Dean, Manea, Cambs, England

High house prices were never a good thing for this country. People overextended themselves at a time of historically low interest rates to 'get on the ladder before its too late.' The media (including this newspaper) need to take part of the responsibility for years of ramping.

Scott, Glasgow, Scotland

Welcome to "Your New Building Society", t'is the"Bank of England"! they "Fully Understand your Concern's" & will not "Foreclose"! "REALLY"!!!!

paul, Manchester, Uk

No sympathy - people have been given mortgages tehy couldn't afford - mainly because many do not save before committing themselves - 100%+ mortgages = disaster. Eventually, one has to pay the bills. Can't see why prudent taxpayers should bail out these people.

Ian, Bristol,

I've been to several auctions this year and nobody is snapping anything up. More EA spin. I'll be glad when they've all gone bust and we won't have to put up with their drivel anymore.
Why is mortgage debt highlighted? It's probably more to do with credit card debt.

Np, England, UK

Utter irresponsibility by the government has led to this situation. A complete lack of regulation, on the back of the premise that prices will only ever go up.

The tax payer is expected to bailout these people.

Now Mr Brown gets kudos for throwing our money at the mess he created!!

Peter MacKay, Burton on Trent, UK

xPaul and Peter, your cynicism is at least comical & shows ignorance.I'm not in a mortgage, but I feel the borrowers' pain.Houses are overrated in the UK and that is not the borrowers'(most of them middle-low class)fault.It is the greed of Rich, that there is no value for money in anything in the UK

Jeff, Newcastle, UK

I don't see why "Alistair Darling is under pressure to use Monday’s PreBudget Report to help struggling homeowners." If people have borrowed too much money to buy a house and now cannot afford the repayments due to changing financial circumstances, then that is simply hard luck for them.

Paul Orchard, Southampton, UK

Overstretched - Mortgage rates havent gone up, they really could afford it from day one, sounds harsh but the basic truth. Will Alistaire and Gordon use public funds to help these people? - Probably!

peter, Aldershot, UK

"Agents say that cash-rich buyers are snapping up homes at auction in areas that have already suffered big price falls."

and the rich get richer while the poor .............

Ian Dickson, Brighton, UK