Housing slide 'over in a year'

An opinion poll of estate agents has found that the majority believe the house price dip will be over a year from now.

The survey, carried out by Abbey, found that 61 per cent believe that a year from now the market will have stabilised, with prices then beginning to rise again, the Independent reports.

Around half of these thought the falls may only last for another half a year at most.

Commenting on the findings, Abbey's head of mortgages Phil Cliff said: "Estate agents and homeowners believe that, despite current movements in house prices, we are unlikely to experience a really prolonged fall."

Such a development could mean that those who self build or renovate their homes now could see the value of them rising sooner than they might have expected.

The latest Halifax house price index showed a two per cent drop in prices during June.