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Firstrung chief executive Paul Homes said that it always takes a long period for house prices to return to normality following a collapse.
"It doesn't turn around in a month; this market turned in about August 2008 when it started to get very nasty and it is going to continue that way for a long time," he commented.
Halifax recently published research showing that UK house prices in the UK dropped by more than two per cent in February and by 17.7 per cent over the last year.
Firstrung is a company specialising in providing solutions to first-time buyers.
Norwich Union has also claimed that homeowners are risking significant financial losses by failing to insure their houses for the total reinstatement value.
