By Tony Booth

The 'legacy' of the Olympics has affected different countries in different ways ... and these are not ordinary times in the property market, so the debate over their influence on the future of the UK is now hotting-up amongst Olympic organisers, investment agencies and even government ministers.

We are perhaps very fortunate that we have four years before the countdown reaches zero, because there is just a chance that the economy and housing market might have recovered somewhat by then.

Economic forces are biting down hard into property values, mortgage availability and household budgets - and the situation is likely to deteriorate further before things start to improve.

While many are suggesting the turnaround will begin in 2009, others are warning that it could take another year or so beyond that.