According to a recent report homeowners that are trying to sell their homes are knocking a fortune off the asking price in order to secure a sale in what have become very difficult conditions in the housing market. House prices have been falling month on month for some time now, but despite this many sellers have found that they are still having to slice some extra off the asking price in order to increase the chances of selling their home before property prices fall even further.

Sales of properties have been very low over recent months, with officials stating that the property market is slowing in the same way that it did in the dark days of the 1990s house price crash. Many would be buyers are not able to secure a mortgage to purchase property in the current difficult credit conditions, which have stemmed from the global credit crunch. Many others are too wary to take the plunge and purchase a property because they fear that house prices will continue to fall once they have made the purchase, leaving them facing negative equity.

Estate agents have been reporting very poor property sales over recent months, and it is feared that many could lose their jobs due to lack of activity in the market.

One estate agent said: ‘I have been in the business for 13 years and have never seen it so tough. It is definitely a rental market at the moment.’

‘Property is selling if it is priced right, and we are still getting record prices for one-bedroom flats. But if you have a three bedroom house to sell for half a million, and you want a four bedroom which will cost you £650,000, you might be better off doing a loft conversion and staying put.’

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