The UK is now halfway through a period of declines in house prices, analysts have estimated.

According to Knight Frank, property values are likely to drop to about 30 per cent lower than the amount they were at the end of last year.

However, prices have fallen by 15 per cent since the end of 2007, as new figures from Halifax have highlighted.

This suggests that Britain is now about halfway through the slump that Knight Frank has forecast.

Liam Bailey, head of residential research at the group, commented: "House prices in the UK peaked in late 2007 and have fallen sharply since that point."

Speaking to Channel 4 News, he added that sales volumes are likely to hit a "low point"before the end of 2008.

This comes after Helen Adams, managing director of FirstRungNow.com, stated that the market should bottom out around spring, after which point it may pick up again.
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