But despite some shopkeepers and local residents calling it ‘the thin end of the wedge’, many people are quite happy that you can buy extra virgin oil and sets of white china for under a pound, while the chief exec of the store says it’s simply offering those who don’t earn a packet a cheaper choice within the high street.

It’s clearly better to have a functioning business in what was otherwise an empty, boarded up store. And those who have enough money to pay more than 99p for a set of china can always vote with their feet. However, the lure of a bargain is too strong for some of us, and local shops may of course suffer from the competition.

As you’d expect, the excitement of the opening caused a punch up in the store on opening day and shoppers were locked in by security guards while it was sorted out. Far more publicity generated by that than if a minor local celeb (and there are loads of them) turned up to open it. So, will it harm the high street? And should you welcome one to your high street? I’ll be off down there later to see what’s on offer – I might even blow the budget and spend £1.98.

If you’re looking for clarification of Sarah’s remarks about the housing market, we have our own expert take on the property market. It’s realistic, it’s not all pretty, but it’s by our expert Kate Faulkner, who knows exactly what she’s talking about. Don’t miss it. And let us know what you thought of last night’s show, too.

Kate Faulkner wrote a great piece for us on understanding conflicting house price reports, which is well worth a peek. If you want to make up your own mind, here’s some of the latest house price reports for your perusal.

Rock kickstarts lending with 70% rise in home loans
This Is Money

Property prices on the rise
South West Business (West Country)

A scheme to guarantee mortgage-backed securities to boost lending and ease the flow of mortgage finance.

An extra £80m for the shared equity mortgage scheme.

The stamp duty holiday for homes under £175,000 to be extended to the end of the year.

He also announced additional support of those who lose their jobs and new help for first-time buyers to get on the housing ladder.

We will be looking at the Budget report closely tonight and we’ll report just how his measures will affect you tomorrow. Watch this space…

This will hit savers where it hurts, but will it coax the banks into lending?

Full report here.

Artist John Abbott wants to know if you’ve got a house in Manchester. If you do, but want to escape the hustle and bustle of city life, he’ll trade you for his home – Long Island, off the West Cork coast.

John owns 11 acres of tranquil island and lives in a two-bedroom fisherman’s cottage, with water provided by a well and electricity by the presumably abundant sea breeze, meaning there’s no bills to speak of.

If you’re interested in swapping properties with John, you can find out more at www.EasyHouseExchange.com

4Homes’ own Deborah Saunt, architect and co-presenter of Grand Designs: Trade Secrets, had this to say: ‘People are getting desperate. It really is bad out there. It’s a bloodbath.’ And with RIBA President Jack Pringle predicting a five-year slump, things look like getting worse before they get better.

The intention is to bring all UK homes to a level ‘approaching cation neutral’ by 2050. Unfortunately the document fails to specify where the money’s going to come from to pay for it.

You can read the full story here, and get info on how to save energy in your home here.

Kevin McCloud says, ‘It’s never been more important to celebrate design excellence than in the current economic climate. The architects who produce bespoke, responsive buildings, the people designing innovative product, self-builders, and those brave souls who commission exemplary architecture, are the design heroes of our economy. They’re out there, still challenging perceptions, pushing at the boundaries of engineering, aesthetics and invention, and they need to be celebrated and given their moment.’ For entry details, go to www.granddesignsawards.com.