House prices in the UK have been tipped to come down even further over the next 12 months.

According to Capital Economics, property values could be down by more than a third at the end of 2009.

The organisation believes that the widespread expectation of further drops in house prices is already having an effect of the market.

Seema Shaha, an economist at Capital Economics, said some sellers are already cutting their asking prices with this is mind.

"They can't really sit on their property and wait until the market is rising again,"she commented.

Ms Shaha added that offering properties for lower than the national average is to be expected in the current climate.

This comes after research by Hometrack found that property values in the UK have come down by 7.3 per cent in the last year.

As a result, houses now cost an amount comparable to the national average in March 2006.
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  5. Homeowners less likely to sell up

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