So where does that leave us long-term? What do experts expect will happen over the next five to 10 years?
Predicting further ahead than next week may be a bit of a mug’s game currently, but Neil Chegwidden, Head of Residential Research at Jones Lang LaSalle is prepared to look as far ahead as 2016, when he says prices will recover to their peak 2007 level.
He said: 'House prices in the UK will fall by 1 to 3% in 2010. We expect the UK housing market to see increasingly strong house prices as 2011 and 2012 progress. We forecast average UK house prices will grow 4 to 6% in 2011, accelerating a little to rise 8 to 10% per annum in both 2012 and 2013.'
Jones Lang LaSalle UK residential forecast summary says:
• House prices will decline by 13 to 15% in 2009.
• London house prices will fall fastest next year - prime central London by 16 to 20%, Greater London by 15 to 17%.
• More positively, by mid-2009 monthly and quarterly UK house price declines will begin to slow.
• House prices in the UK will fall by 1 to 3% in 2010.
• London house prices will recover first and will be rising again before end-2010.
• UK residential prices will then recover during 2011 with price growth accelerating to 8 to 9% per annum during 2012 to 2013.
• The peak to trough fall in UK house prices will be around 29%.
• It will take around eight and a half years - until 2016 - for prices to recover to 2007 peak levels.
• With the gap between housing demand and supply set to expand over the next few years, the medium-term prospects for UK house prices remain strong.
• A return to 20%+ per annum house price growth at some stage over the next 10 years is highly likely.
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