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Concerns have been raised that when financial markets pick up once again there may be a shortage of available properties.

According to BuyAssociation, in the future people will want to buy houses again meaning demand could outstrip supply.

Furthermore, many homeowners are now accepting offers that are much lower than those advertised when selling a property, as they believe prices are likely to continue falling and they will lose more money.

Paul Collins, property editor at BuyAssociation, said that if people get an offer now they "will probably take that rather than hang on for three or four months and see another £10,000 taken off the value of their property".

He believes that the future of the housing market is more optimistic than many expect.

According to the October 2008 Zoopla! survey, 97.3 per cent of UK homes have declined in value over the past year.

Further statistics from HM Revenue & Customs on 'Property Transactions in the UK' show that in the last 12 months, property sales have fallen by 53 per cent.

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