Gloomy 2009 predicted for housing market

Those hoping for a recovery in the housing market in 2009 had better think again, according to a prediction from the Association of Mortgage Intermediaries (AMI).

With plummeting prices and a lack of accessible mortgages, the industry has ground almost to a complete halt and those looking to sell may be forced to reconsider their options.

AMI director Robert Sinclair forecast a year of struggle for the market and encouraged the government to fast-track its banking proposals to help stimulate the situation.

"Our latest quarterly economic bulletin sets out a gloomy picture for the UK housing and mortgage markets in 2009," he said.

"The bulk of government initiatives are still in the planning and implementation phases, indeed much of the recapitalisation money for our banks is still to fully impact on their finances."

With such an inhospitable market, homeowners may even consider improving rather than moving.

With a warm summer just months away, a conservatory could help reinvigorate a property.

According to, Halifax College recently announced that it is to add a conservatory to its common room.