Cluttons sees pick-up in 2010

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The firm said "the outlook for the economy has darkened significantly" over the last three months and warned "the potential for a recession in early 2009 has risen sharply".

The collapse in mortgage lending comes amid thousands of job losses, the rising cost of living and ongoing trouble on the High Street and in the City.

"The weakness in the UK housing market continues," said Cluttons. "Buyers are wary of further falls in prices and struggle to obtain finance. Many vendors would prefer to let their properties rather than accept a price reduction.

"Housebuilders have been suffering a torrid time as their assets have been revalued downwards, new projects have been shelved and many staff laid off.

"As mortgage take-up in the residential sector continues to fall, the outlook for house prices is poor until 2010."