As the domestic property market moves towards a new equilibrium of lower prices one looks in vain to the country's so-called intelligentsia' to provide analysis and guidance.

And what do we find?

The political parties are of no help.

The Labour Party is locked permanently in spin mode' and tells us that the housing market is fundamentally sound and wait for this the problem can be contained'.

The Conservative Party has no answer and has hired Kirstie Allsopp to try and find one. Her solution', the partial abolition of stamp duty, is the equivalent of using a bicycle pump to resuscitate a dead elephant.

The Liberal Democrats are calling on the Bank of England and HM Treasury to rescue the situation. They want the Government (which means taxpayers and savers) to provide funds to keep the loans flowing in order to prop-up the market.

Quite how the folks that helped get us into this mess will get us out of it is not explained, nor is it at all clear how adding petrol to the dying embers of the fire will stop everyone from getting badly burned.

Never mind, perhaps members of the economics profession could illuminate the facts?

No such luck, all they have done is to compare the current state of repossessions with the level of the early 1990s and ever that since the former figure is nowhere near the latter that there is no cause for alarm.

Quite frankly the comparison with the 1990s is meaningless because the economy was then in recession, nevertheless from this false premise economists have had no trouble arriving at entirely the wrong conclusion.

Perhaps then we could look to the BBC, the nation's public service broadcaster?

Think again.

On matters relating to the housing market the BBC has abandoned any pretence of objectivity with news reporters and commentators having fallen under the spell of those with a vested interest in property.

Welcome dear reader to the United Kingdom in the 21st century, where information has never been more plentiful but knowledge is in short supply.

Kevin Hey, Colne.