A government blunder has revealed that 'at best' property prices are expected to fall between 5 and 10% this year.
Caroline Flint accidentally revealed a briefing note on her way to this week's Cabinet meeting. It was headed 'Caroline Flint - speaking notes' and contained a summary of what the minister told Mr Brown, Mr Darling and other Cabinet colleagues.
A sticker on the document said 'Papers for Cabinet meeting 13 May 2008'. The briefing said leading house price indicators were predicting reductions for the first time in recent years and warned : 'We can't know how bad it will get. Given present trends, they will clearly show sizeable falls in prices later this year - at best down 5%-10% year on year.'
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