<b></b> Housing economist John Stewart has scotched newspaper reports that there is to be a collapse in house prices. He says that low interest rates mean affordability is close to its historic average. But he adds that the deterioration in the ratio of house prices to earnings, particularly in the south east, means the market is more vulnerable to a rise interest rates than at any time since 1993. <br><b>Meanwhile the HBF survey shows a fifth successive month of improvement in net reservations with site visitors also up on a year ago. Latest NHBC figures reveal that applications to start new homes in the private sector in May were 1% up on last year at 12,017. &amp;"The recovery in May registrations seems to confirm that bad weather conditions were largely responsible for the drop in housebuilding activity earlier this year,&amp;" said NHBC chief executive Imtiaz Farookhi. </b><br><b>Click here to read John Stewart's Viewpoint</b><br>