Donnell added, however, that he believed the housing market had "finally bottomed" and predicted that prices would rise by an average of 1 per cent next year.
The Royal Institution of Chartered Surveyors also said it believed the housing market would recover next year, reflecting the impact of the interest rate cut in August and a likely further quarter-point cut in the first half of next year. It reckons UK house prices will rise by an average of 4 per cent next year and in 2007.
Actually Finger Bob - the news in that article doesn't sound too bad in the longer (more than 6 months) term!