Interest rates must continue to drop in order for existing homeowners to avoid serious debt and for first time buyers to be given a realistic chance of getting on the property ladder.
That's the view of the the National Association of Estate Agents who say that new buyers are being squeezed out of the market as the credit crunch forces mortgage providers to ask for higher deposits that many can't afford.
The base rate has already dropped twice so far in 2008, with many enjoying significantly lower mortgage repayments each month as a consequence.