Cheap money is on the way with interest at 3 to 4% next year. Then the housing market will bounce back! No need to worry, as rental income is still good, particularly in London.

Peter, Liverpool, UK

As prices lower (yes, they have further to fall!) and interest rates tumble, 3% early 2009, buying will become cheaper than rent and the "clever dickies" hiding away in rented accommodation will come flooding out (most missing the bottom of the market). Watch early summer 2009!!!

Basil Bell, Bath,

A lot of talk of recession on here, Although i agree it is recession its hardly a bad one. Everything is still affordable and most people can remian living within their means. Comparing this to the 80's/90's recession is silly. House prices will fall and £150,000 ave house price sounds about rite

Sunny, Cov,

They won't rise, a whole generation can't afford to buy, the average person in the street has an average wage of 20k but the average house is 165k, do the maths! Don't hope that a housing shortage will eventually push up prices..don't we have half a million empty houses and a glut of houses for rent

carol, stamford,

Richard

I wish you luck

I think the bottom of the market will be 2012 to 2014 and that very much depends on the recession, sadly for yourself ( and i mean that - we all need to live ) what we have seen to date is credit Crunch correction of a bubble, what is coming is a natural Recession.

Peter, Aldershot, UK

I believe the market will reach its lowest by the end of 2009 and gradually rise again, but not to the extent that we have seen for the boom and bust.

I am an estate agent who is hanging on by my fingernail - not funny...

richard, Plymouth, UK

Patty -"Recovery from the '91 recession it was on the back of massive injections of easy money" - well, there's no sign of governments doing that right now is there, Hmmmm?
"Historics are no guide": so, 'Boom & Bust' doesn't repeat itself then? I'm sure I heard something similar from Mr. Broon :=)

Robin , Hassocks,

These people are specialists talking up their own jobs Recovery from the '91 recession it was on the back of massive injections of easy money and 110% mortgages. This will not be available to us again for some time. When it does price levels will return. Give it 10 years. Historics are no guide here

Patty O' Doors, Oxford,

Interesting article. House prices are way over inflated. Essentially it's a toxic mix of greedy banks and impatient buyers which lie at the bottom of this mess. Bring on low priced affordable homes and lets get out of the buy now – hang over later payment cycle!

Mohan, London,

Why have you asked Estate Agents what they think? They said it wouldnt happen, then when it did it would only last 3 months, now its longer it will all be over the year after next.

Why cant the times ask an Independant Economist rather than EAs or Economists with Vested Intrests?

Peter, Aldershot, UK

I have already knocked prices back by about 20% here in Chard. The results is that as soon as the magic 20% figure is achieved the buyers are back. Savvy buyers picking up good quality properties at really good prices. Long term buying decsions based on common sense borrowing. It is good to see.

Mark Savill, Chard, Somerset

Absolute rubbish ! House prices will stabilise by Xmas and will beging to rise just after Easter. Low interest rates and the NEEDS of the financial industry will guarantee that ! Millions of people are in need of and are looking for homes. Financiers will definitely find ways of providing funds.

John Fisher, Edinburgh,

Really the vested interests are always optimistic. House prices have been at bubble prices fuelled by cheap and lax lending-few other reasons. What we are seeing is a return to normal levels of price in ratio to earnings. Why shoudl they return to 2007 levels?

david b, eastbourne,

Hmm. I admire the optimism in this article but I don't think house prices will be 'bouncing' upwards for a long, long time! The fact is, prices will keep falling until they reach levels that the banks are willing to lend mortages for - so there's a long way to go yet!

Daniel, Oxford,

I sell houses in Chard, Somerset and we have dropped our prices by about 20%. As soon as the magic 20% drop occurs buyers appear again! This time they are educated buyers, buying good property and at very good prices. They are also buying for the long term. That is the market as it should be!

Mark Savill, Chard, Somerset

They have called a short and shallow global recession. Thats the only way that prices can recover in 2010. They are obviously using Treasury GDP forecasts which are way off beam.

Michael, West Midlands,

Savills are dreaming again! House prices have already fallen 35% in some areas according to Property Snake. Until 100% mortgages become available again they will continue to fall. When people couldn't afford houses they went on a spending spree instead! Now the country is mired in debt!

sophie smith, london, uk

By return to peak I assume these experts are talking in nominal prices, i.e. without factoring in inflation. I suggest the real value of property in 2007 will not be reached again for decades, hopefully never.

L McKay , north Shields , uk