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He expected house prices to fall by a further 15% in 2008 and 12% in 2009.
Overall, Halifax said it expected house prices to end 2015 between33% and 5% higher than they started it.
Chief executive Jeremy Helsby said he expected house prices to fall by 25% by the end of next year.
Following the latest statistics on mortgage approvals, Capital Economics, a consultancy, said that it expected house prices to fall by 15% in the 12 months to December 2008.
In total, 41% more surveyors said they expected house prices to rise over the next three months - the highest proportion in more than a year.
He said that he expected house price growth to continue in 2015 but by a far more modest 3%to5%5%.
Similar(40)
Analysts polled by Reuters had expected housing starts to rise to a 550,000-unit rate.
Pay is lower here than Kingsley expected; houses are as dear as he feared.
They, like most bankers and analysts on Wall Street, expected housing prices to continue their inexorable upward trend.
Overall better than expected housing, consumer confidence and manufacturing figures from the US gave the market a late lift.
Analysts had expected housing starts to fall from a previously reported rate of 1.678 million units in January.
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