Halifax, UK's biggest mortgage lender:

How far will prices rise? 8% on average in the UK

Optimist, realist or pessimist?

Optimist.

Halifax says the three pillars underpinning the housing market - low interest rates, good employment and good affordability - will continue into 2004.

Interest rate rises? 4.5% by the end of the year (currently 3.75%).

Regional winners and losers? Once again it will be the "Year of the North" of England. House prices will also be strong in Scotland and in Wales during 2004.

London and the South East will increase modestly during 2004, with properties up to �250,000 expected to grow by about 8% during 2004, around the same level of 2003. The traditional north/south divide will continue to narrow, as prices moderate in the north and gently increase in the south.

Better prospects for first-time buyers? No. The number buying in 2004 will continue falling, and the situation will worsen over significant areas of the UK by the end of 2004.

2003 prediction? Halifax underestimated this year's strong house prices. Halifax's 2003 prediction was 9% at the end of 2002. It revised its prediction in summer 2003 to 10%. According to the latest data available, published on 3 December, prices on average have risen by 14.1% year-on-year.

Nationwide, UK's biggest building society:

How far will prices rise? 9% on average across the UK.

Optimist, realist or pessimist?

Optimist.

Nationwide explained Survey covers UK prices Based on price agreed after a survey, by their mortgage customers Does not include cash sales

The housing market will "carry considerable momentum into early 2004".

Interest rate rises? Rising mortgage rates will dampen confidence and slow the market down. Plus the prospect of higher taxes in the Budget next April will calm down spending, thereby slowing house price growth.

Regional winners and losers? House prices to become more "realistic", especially in the North, where prices are currently "unsustainable". Northern Ireland and the Northern regions will see prices growing fastest at around 12%. London will have the slowest growth for the second year running. However, improved job prospects in the City and housing shortages will keep house prices rising at about 6%. But there will be less regional variation than in 2003.

2003 prediction? Nationwide also underestimated this year's strong house price growth. In December 2002, Nationwide predicted a 10% rise in house prices. According to the last data available, prices on average have risen by 15.2% year-on-year.

Hometrack, a property research company:

How far will prices rise? By 4% on average in England and Wales.

Optimist, realist or pessimist?

Realist.

It will be yet another healthy year for the housing market - if not as strong as 2003.

Hometrack explained A guide to current prices. Data is collected from 3,500 estate agent offices from all 2,200 postcode districts in England and Wales. The estate agents report whether asking prices are rising or falling.

There is very little chance of a housing market crash in the next 12 months.

Interest rate rises? Mortgage rates are well under 5% and are very near their lowest for nearly 50 years. Mortgage repayments will remain very cheap by historic standards.

Households can therefore afford larger mortgages and, consequently, more expensive homes.

Regional winners and losers? House price growth should "even out" across the country to an extent - but there will still be a north-south divide. The northern half of England will see continued growth as better affordability supports the market. The recovery seen in London and the South East in the last quarter of this year will continue apace in 2004 as the City picks up.

2003 prediction? Hometrack predicted modest growth of 4% in 2003, but this was an over estimate. According to its latest data available, house prices in November had risen by 1.1% year-on-year.

Capital Economics, an analyst:

How far will prices rise? Prices will rise by 6% in 2004, but will fall back by 2% at the end of 2004.

Optimist, realist or pessimist?

Pessimist.

The slowdown will materialise in 2004. House prices should continue rising until the middle of the year, then start falling during the second half of the year.

A 20% correction in house prices is expected to take three years. House prices will peak in mid-2004 and then trough in mid-2007.

2003 prediction? Last December, Capital predicted house prices to rise by 20% in 2003, based on Nationwide's index. Areas outside London have kept the UK housing market booming in 2003, but it over-estimated the rate of growth.

Royal Institution of Chartered Surveyors (Rics):

How far will prices rise? By 6% in the UK, based on the government's new monthly house price index.

Optimist or pessimist?

Optimist.

The outlook looks positive for at least the next six months.

Better economic data, and increasing signs of recovery in the London housing market are all positive signs.

Historically speaking, given this sort of positive economic data it would be very unusual for prices to fall, says Rics.

Interest rate rises? Expects a half a percentage point increase within the first six months, stabilising at 4.25%.

About the Rics forecast Based on the government's monthly housing index (ODPM) Figures are weighted towards areas with high-value properties, such as London

Regional winners and losers? It doesn't expect price falls in London. Expects a rise of about 5% in southern regions. In the North, prices should rise by an average of 10%.

2003 prediction? Rics predicted growth of 11% this year, when it based its prediction on the Nationwide index. This was just under the rates of 14% to 15% so far achieved. It is now basing its forecasting on the government's new monthly index, because the data covers more than one lender.