There was very little data released last week giving us some rest bite from the doom and gloom of negative figures. The Government released their spin on the UK housing market and reported house prices fell 2.5% in October.Prices were 7.4% lower than last year at £203,539 compared with a 5.1% annual fall in September.

The beginning of last week held no surprises and continued the flow of negative data. UK mortgage approvals fell in October to match their lowest level since records began a decade ago. Approvals came in at just 32,000 in October compared to 33,000 in September.

Last week was thin on the ground in relation to data. The only release came from the Nationwide, which showed house prices falling 0.4% in the month.

Last week produced a mixed bag of data. On the positive front UK mortgage lending rose by 7% from the month before. Despite the upturn the figure was still 44% lower than the same time last year and the outlook is still continuing to look gloomy even with the potential for more cuts in base rate.

We all know that prices are falling but last Monday’s Producer Price Index for October gave analysts a surprise.

We all knew The Bank would cut Base Rate this month but even the most dovish of analysts thought a 1% reduction was the most the Committee would consider.

Last weeks’ figures came in much as expected and suggested that we have reached the bottom as far as the housing market is concerned.

It appears that the Brown/Darling plan, Toxic Asset Relief Plan and concerted softening in global monetary policy could well be starting to take effect.

In many ways last weeks’ figures were in line with analysts predictions but the rate of change will certainly be of concern to the Bank of England.

Another week of fear, turmoil, desperation and panic stalked markets, individuals and governments alike.