Two of the largest mortgage lenders in the country have decided against making predictions on property prices for next year.
Halifax and Nationwide are to refrain from making property price predictions for 2009, but for different reasons.
Under normal circumstances the two would make a prediction for the year ahead, while their monthly price surveys are generally seen as the most authoritative. However, the unprecedented turmoil in the financial world has caused them to act differently.
Halifax said that it would be inappropriate to forecast prices while its parent company HBOS was still undergoing a takeover from Lloyds TSB. Nationwide on the other hand said that because of the continuing volatility in the property market, it would be too difficult to make an accurate forecast.
The outlook for next year in the housing market has been speculated upon by many in the industry. Earlier this month, the director general of the Council of Mortgage Lenders, Michael Coogan, warned that mortgage availability will be less in 2009 without government assistance.
For its part, the government has sought to bring in a number of measures to help homeowners. These include encouraging lenders to use repossession as a "last resort" and also the provision of "mortgage holidays" for people struggling with repayments.
While estimates for next year have been mainly negative, last week the National Association of Estate Agents said that interest rate cuts by the Bank of England are starting to influence the market for the better.
