Surrey an London houses are not going down Mary.. 6.5% up last 12 months..

Neal Mitch, London,

Houses with garden in Guilford area are still goig up and up this year... What is going on here?? I am not sure if I am doing the right thing holding back... will I miss out again

Mary, London,

Gary, Lon, in any market, it's not what you want - it's what the maket dictates. With cheap credit it was a seller's maket, now it's a buyers - either readjust to the market or sit it out for the next 5 years. Don't forget, you get the benefit when you buy your next property

Melanie, London,

If you go to the Nationwide House Price Index you will see that the total absolute house price falls in 1992-1996, peak to trough, were 20%. Obviously we are in the middle of another house price drop but let's not get carried away with these 40%, 50%, 70% drop estimates..

Adrian, Bristol, UK

Danny - So you think the media are scare mongering? I call it reporting! I found continuous reports of rising house prices much scarier than this! Anyway, you shouldn't be scared, the papers are only giving you a very small part of the story - you should be really scared!

Sleep tight!

Wayne, portsmouth,

I am in same situation as steve from leeds. some nice saving. Just go to be patient.

The local estate agents has laid of 3 people and humberts have closed malvern office here

paul, worcester, worcestershire

To all those deluded optimists who swore that things were different this time, you were right - they are a lot lot WORSE!

Clive, Chichester, UK

''The question is, how cheeky''

Minus 30-50% cheeky; that's what the medium term drops are likely to be.

michael clarke, Windsor, England

I wonder if the people who have left comments encouraging offers of 30% to 70% below asking prices would themselves find it acceptable to receive such offers if they were the ones trying to sell a property in the current market. Values haven't fallen by that much.

Gary, London, U.K.

By the way, I wonder if the R.H. David Smith reads these other articles in the times?. I bet him last summer that within 3 years we would have a HPC then a following recession.

Mmmmm Methinks themanis toast. At last as far as Rupert is concerned!

Austin Tassletine, South West, UK

how cheeky steve? Start 30% lower with a view to get it at 20% less!! on the one hand i was glad that my home, which i purchased for £70,000 ten years ago has nearly trebled, but on the other, i would welcome a drop of 30% so hat my children will be able to get on the property ladder.

simon, lytham, uk

Yes if looking for a flat or new build properties wait bit more, prices will come down 10% this year. If you are planing to buy a victorian or caracter house in London or any town with good train connection to London be careful not to wait long. Price in places like Surey are still going up 4.5%

Denis Lewis, Reigate,

May I request Halifax, Nationwide.... to do a separate survey for properties less than £1m. I am not surprised if the fall comes out more than 10%. And it is the beginning.

Somna, Croydon,

We sold our house a few weeks ago and were lucky enough to get +98% of the asking price based on a January valuation. We're going to rent, probably for at least a year. Interest on the sale proceeds will cover much of the rent. We'll wait and hope for a good purchase after prices have come down.

James B , London,

I'm a seller, I am willing to accept 10% less than last years high. So I have factored that into the asking price. I have refused offers of 10% below that price because it's 21% less than peak - I can make more by remortgaging and letting. If you're a sensible buyer/seller, it will work out.

Matt, London,

Steve in Leeds,

There is no such thing as too cheeky. I'd say start off 70% below purchase price and tell them its a cash sale with no mortgage approval required.

Mart, London, UK

Wait a year and your 'cheeky' offer, if accepted, will seem a lot less cheeky. Today's bargain price is tomorrow's market price and the rate prices are falling now, you'd be better off waiting...

20% falls by Christmas are a distinct possibility, IMHO.

cp, LONDON, UK

I would say at least 20% off the current asking prices - and look for 30% off if possible.

By the way, I wonder if the R.H. David Smith reads these other articles in the times?. I bet him last summer that within 3 years we would have a HPC then a following recession.

Good luck house hunting!

Matt, Oxford, UK

I wish estate agents like Danny would stop talking Edinburgh property prices up! Edinburgh is dropping fast like everywhere else. There are hundreds of properties at a fixed price and dropping to lower fixed prices every day. I'll step in and buy one, soon....

Martin Johnstone, Edinburgh,

Steve,

Be patient - it's going to get worse...the inflation in house prices will need a while to work itself out!

Hilary, Epsom, UK

Steve, I would suggest offers circa -40% lower than asking price.

fergus, LOndon, LOndon

Wait a while (Steve, Leeds)....keep saving and paying the lower rent - if you have a professional salary, you deserve to climb on the ladder at the same rung as previous generations. You'll get a lot more for your money in a couple of years. Don't be left with the parcel....the music has stopped.

Hu Ru, Hove,

Haha, like it Steve. I am in a similar position, and let me just say I will be "bargaining aggresively," but of course with a big smile :)

Jamie, Surrey,

I've been reluctant to move up the ladder since buying (getting a mortgage for!) my first house, a small one bedroom cottage on the outskirst of London, back in 2002. I manage international fixed income portfolios so look closely at the economy. Hold off. This is the start. If you must, -30%.

Steven, London, UK

House prices have risen between 200 and 300% in the 11 years. This is substantially above wage inflation for the same period, so why is a drop of 12% a year a major crisis. Did people expect house prices to rise above inflation indefinitely?

Eamonn, Leics., UK

Prices need to and are going to fall - most agree on this.
If so, the faster the better, surely?

Mike, Tauranga, New Zealand

Focus on older people - who bought for less years ago. We are buying a property for almost £65000 less than the asking price because the people are retired and need to move urgently into retirement home. Very cheeky you may think - but hey its a dog eat world at the moment.

Andy, Hereford, England

Steve, hold on to your money - your deposit may be more like 50% in a year or two.

Paul, London,

But, but, but the 'experts' said it is different this time. Have they really been conning us or do they not have a clue?

anthony, london, england

I'm in the same position as Steve however this is the beginning of price falls. Prices will drop a further 20% in the next 2 years but taking inflation into account then in real terms we are looking at a drop of 50% from peak to trough. Besides, interest rates will be lower in a couple of years.

Paul, harrow,

Steve, Leeds - go in at a 30% discount. As a first time buyer with a 30% deposit saved and a professional salary also, that's what I'm planning on doing - good luck!

RGC, Bristol, England

I think the media in general should stop these scare-mongering tactics and specify that not all house prices in Britain are the same, I stay in Edinburgh and we have been seeing a slight decline in property prices, with property taking longer to sell,but all houses prices will not affected.

Danny Harvie, Edinburgh, Scotland

Steve,

I think you can afford to be as cheeky, if not down right insulting with your offers, as you choose to be. Minus 30%? Minus 40%?

What have you got to lose? After all, it isn't a rising market with the threat of that dream house slipping out of reach. Quite the contrary in fact.

Quoth, Bristol, England

Steve
I am an estate agent and cheeky offers are getting accepted in this market! Nothing frightens like fear - and that makes the right sellers easy pickings for a savvy buyer. I reckon our prices are already down by 10% - & that is good news for buyers.

Mark Savill, Chard,

What goes up must come down.
Reducing interest rate is not the solution.
Finding an alternate energy will stop the only cartel OPEC to hike their price of oil.
Consumers are equally responsible for excess of consumption of oil too.

Anil, Lagos, Nigeria

Hmmm, i'm a first time buyer with a good deposit (~30%) and a professional salary. Soon it will be time to start testing the water with some cheeky offers. The question is, how cheeky?

Steve, Leeds,