News of a double-digit annual fall in house prices has been greeted with dismay by the industry.
The Nationwide said that, on average, houses in the UK in August were worth 10.5% less than a year ago.
The building society added that there was unlikely to be a major turnaround in the market in the near future.
This view is shared by many across the housing industry.
"The housing market is in a very serious position and we need serious action.
"We have continually called on the government to hold a round-table discussion to find real solutions to stamp duty, the liquidity issue, first-time buyers and repossessions. However, disappointingly we have had no feedback.
"There is no point in trying to target one area in the hope of a quick fix. We need a coherent package of measures that will ease problems throughout the housing market."
Mr Bolton King said a NAEA survey had found that 98% of agents believed consumer confidence had been damaged by the stamp duty confusion, with 56% of them saying they had lost at least one sale as a result.
Mr Gilmartin said prices would continue to fall while there was a squeeze on lending.
The property market has pretty much ground to a halt
Daniel Lee, Globrix
"Government incentives to revitalise the mortgage market need to be enacted sooner rather than later to contain the wider impacts of falling house prices on the economy," he said.
"With unemployment and repossessions expected to rise further, tackling the problems head on could limit the extent of the downturn."
Mr Smith said that the credit squeeze was affecting transactions in country properties and the London housing market.
Savills said on Thursday that profits in its estate agency business had slumped 88% during the first half of the year.
"2008 continues to be a challenging year for the real estate industry worldwide," said Mr Smith.
Mr Lee said Globrix's research suggested the number of properties remaining unsold for more than 90 days had more than doubled since the beginning of 2008.
In January, only 25% of properties listed on Globrix had been on the search engine for more than 90 days, in July this figure had risen to 53%.
"The property market has pretty much ground to a halt," he said.
"Transaction levels are exceptionally low and a significant percentage of properties are just languishing unsold.
"We can only hope that, as prices and mortgage products become more attractive to buyers, the wheels of the property market start to turn again."
Mr Clarke said that there was a direct link between the housing market and the economy in general.
He said it was the economic slowdown that was driving house prices down, rather than self-perpetuating gloom from commentators.
House prices in the past four or five years had dictated other spending, he added, with consumers less likely to spend on furniture and less likely to buy cars or other major purchases when house prices were falling.source: Gloom over house price figures
BBC News, UK