Jan 6 (Reuters) - The decline in British house prices shows no sign of stopping in 2009 after plunging last year even faster than during the recession of the early 1990s, according to surveys by the country's biggest lenders.
Forecasters expect prices will fall further in 2009 as banks continue to rein in lending and the economy tips deeper into recession.
Almost all property pundits were wrongfooted by the scale of last year's fall.
The following table shows how the main survey publishers fared relative to their 2008 forecasts and their predictions for 2009.
2009 F'CAST 2008 F'CAST ACTUAL 08 DECLINE HALIFAX no forecast* zero -18.9 percent NATIONWIDE no forecast* zero -15.9 percent RICS -10 percent zero n/a** RIGHTMOVE -10 percent 3-4 percent rise -6.3 percent HOMETRACK -10 percent 1 percent rise -9.7 percent
* Halifax and Nationwide, two of Britain's biggest mortgage lenders, have declined to make forecasts for 2009.
Halifax said its decision was due to the takeover of its parent company HBOS by Lloyds TSB. Nationwide said it would be irresponsible to make a forecast given the market's dependence on confidence.
** The Royal Institution of Chartered Surveyors does not publish actual price moves but a balance reflecting the proportion of surveyors reporting price rises over those reporting a decline.