Estate agents split over house price fall predictions

House price falls could last for another six to 12 months, the majority of estate agents questioned in a new survey by Abbey stated.

However, while 31 per cent of property professionals responding to the poll held this view, 30 per cent said prices will stabilise in the next six months.

And 28 per cent predict the housing slump could last one to two years.

Director of Abbey Mortgages Phil Cliff remarked that although values could improve eventually, the short-term forecast is for continued house price drops.

"While this is light at the end of the tunnel, it implies that estate agents and homeowners are bracing themselves for further falls in the very near future," he said.

If house prices do stabilise, self build may a more affordable option for those people struggling to get onto the property ladder.

In fact, the Chesterton Poll of Polls revealed earlier this week that properties in London may be bucking the trend of house price drops seen elsewhere in the UK.