The turmoil that has gripped the housing market is set to continue in to 2009 with prices to continue to fall.
A recent publication from the Royal Institute of Chartered Surveyors (Rics) has predicted that property values will eventually fall to 75 per cent of what they once were.
Rics chief economist Simon Rubinshon explained that there is not yet light at the end of the tunnel as far as sellers are concerned.
"Lenders are likely to remain cautious in the near term in the absence of any guarantees on mortgage backed securities," he said.
"This, coupled with an increasingly gloomy economic picture, suggests that house prices will continue to decline in 2009."
The prediction, which came from the Rics housing market forecast, is likely to make some homeowners entertain the possibility of improving their existing property, rather than selling it at a loss.
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