House prices: your views

Various groups are predicting falls in house prices in 2008

UK house prices have recorded their largest monthly fall since 1991, according to the Nationwide building society, which says the decreases are now accelerating.

Nationwide says prices have fallen by 2.5% during May, according to its latest monthly survey, and that price falls have continued for seven months in a row.

Here are some of your views on how the situation is affecting you.

We completed this morning and are moving in today, six months after our offer was accepted.

We are first-time buyers who paid �172,000 for our flat at the peak of the market, so we're in a pretty bad position.

When we collected the keys this morning our flat was already worth less than we paid for it - we were in negative equity even before we collected the keys.

However, we are planning on staying in the place for many years so we see it as a home as opposed to a means for making a profit.

Hardly ideal but we're stuck now.

We moved away from Newport in 2006 and moved back last year and are in rented accommodation.

We waited until the New Year to look for our own property again, and are now finding that fewer houses are coming on to the market and the prices of those that are don't seem to be falling.

Also, sellers seem reluctant to lower prices - even if their properties are not selling all that quickly.

Houses are on the market for ages and just not shifting, here in Newport anyway.

I am saving 60% of my monthly earnings at the moment in the hope that I will be able to afford my own place soon. I could probably afford to buy now, but frankly I don't see the point.

If the house prices continue to fall then I will get more for my money, therefore I will sit and wait.

And there are lots of us out there doing the same thing.

To look at it from a positive perspective, my wife and I sold our flat in Hertfordshire for a massive profit in the boom.

We then moved to the Midlands and rented until we were in the right position to afford a house.

When the credit crunch hit we suddenly found ourselves spoilt for choice.

We've now bought a wonderful house for a real bargain in an area we wouldn't have been able to afford to live in a year ago.

I am a potential first-time buyer and these falls are very welcome and a lot more would be nice.

High prices only benefit a few people who want to downsize, the banks and the government.

Having read this story, I am probably in the minority of people who are hoping for a bigger fall in property prices.

At the age of 33, I still live with my father as I have no chance of affording a place to either buy or rent.

Long may the decreases continue - sorry!

This is just so depressing, but I can't help but think the media is creating a bit of a moral panic over the issue.

By continually reporting this worsening crash, is it not making first-time buyers even more reluctant to buy?

I'm currently trying to sell a property that was valued at �110,000 only nine months ago.

Now I've been advised to drop the price to �102,000. What is the government doing to help the situation?

I can't afford the repayments anymore, petrol is out of control - my wages do not cover me until the end of the month anymore.

Where do you turn?

This is another devastating blow for estate agents everywhere.

I know there isn't much sympathy for estate agents on the whole, but the company I work for has been nominated for the south London business awards two years running - for outstanding customer service - but are now having to trim staff to survive.

This will only have a knock-on effect on the service we can offer.

I think everybody has been affected by this.

I would like to point out, however, that it is unfair to constantly refer to the UK housing market, as Scotland's house prices are still rising.

They may not be shifting in huge numbers, but prices are still on the increase. I'd like to see more reports that include this fact.

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