Caroline Flint, Housing Minister, unwittingly revealed her meeting notes to the nation's photographers today, revealing her advisers' predictions regarding the housing market.

As she walked into Downing Street for a meeting with the Prime Minister, Ms Flint flashed her briefing, headed 'Caroline Flint - speaker notes' and with a sticker which said "Papers for cabinet meeting 13 May 2008".

The content was more interesting. In it, the notes suggested that house prices will fall significantly this year. The notes read: "given present trends, they will clearly show sizeable falls in prices later this year - at best down five per cent - 10 per cent year on year,"

The briefing went on to read "underlying demand for housing remains high and the fundamentals of the economy are sound. But the market is being affected by the global credit crunch, which is making it difficult for many who would like to buy to do so. We can't know how bad it will get. But we need to plan now to put in place effective measures against the risk that it does get worse and to prepare for the upturn."

The 'effective measures' that Ms Flint is probably referring to are the Bank of England's £50 billion banking liquidity package and the announcement yesterday of more funding for debt advice agencies.

Indeed, the notes show that maintaining public confidence is paramount: "It is vital that at this time of uncertainty, we show that we are on people's side.", they read.

Roy Berry, Director at The Mortgage Provider, seemed amused by the news: "at least we know that the government is listening to what is being said in the industry, and not living in a Panglossian fantasy. Gordon Brown's public statements and Darling's growth predictions seem to fly in the face of their private briefings regarding the true state of the economy,"

"Whether the liquidity package will help this deteriorating situation  is another matter", he added.