There has to be a crash to bring house prices back to affordable levels. I am sure this will happen within the next year.

Martin, London,

house prices in Norfolk have fallen. If you want sell a house you have to take 30% drop at lest and they will fall more it is worse than last time. No way anybody can talk this one up, food is by 25% and still going up

John, Norwich, Norfolk

House prices need to fall so that first time buyers can afford the right to buy their own home. It's as simple as that. I am now comfortably off in my late 40's and am appauled at the governments behaviour and abdication of responsibility over the last decade. They have allowed banks and building societies to make up their own rules for lending outrageous sums of money to people who cannot afford to pay it back. They have encouraged ridiculous levels of house price inflation and sub prime lending to be a norm. When I was starting out, it was simply a case that you were able to borrow 3 times a single income or 2.5 times joint. House prices and starter type homes reflected average incomes to accomodate this. To be honest, if I was a 21 year old, stuck living at home with no prospect of being able to save enough for a deposit as house prices continue to rise, I would turn to binge drinking!

Lindsey Duff, Chatham, Kent

Once again a pointless set of figures about a subject that interest very few people. In general prices go up and down and tahts it. We dont need a report on every minor fluctuation in the market. The housing market fundamentals are just the same as when the market was "booming" just 4 mionths ago. The reason for the slow down is over zeolous reporting and scaremongering from all the top news organisations. The BBC reported the rightmove figures when they gave a price drop headline, while yesterday there was no mention of the prices going up again. Just get on with reporting REAL NEWS like the suffering of people around the world, the uks appauling Education record at the moment, the violence on our streets, the crisis in our health care system, the appauling lack of decent public transport in the UK - Anything that is news worthy not this endless and pointless tittle tattle. We live on a tiny island with too many people on it and therefore people will always need somewhere to live.

Chris Beckett, Bristol,

Speaking as an Estate Agent, I'd just like to comment on the accusation that we are over valuing properties to get the instruction. I know that a high percentage of agents do that, regardless of the market conditions, its due to the fact that there is a lot of competition between agents and the fact that the majority of vendors will not do their own research and just see pound signs infrrnt of their eyes. Unless an estate agent can give you documentred proof as to why their valuation is 20% higher than everyone elses, I don't see why the vendors should instruct them. Unfortunately we live in a society based upon greed and not common sense.

Daniel Cohen, Hampstead, London,

Hoho so the estate agents have put the "asking prices" up?

I think it is a disgrace that the government is trying to support ludicrous house prices which help nobody except possibly rich multiple property owners.

Put up interest rates, stabilise the economy, encourage savers.

When the value of your house goes down THAT'S LIFE AND BAD LUCK.

Patrick, London,

Why is it when the price of DVD players/foreign holidays/clothes etc fall its good, whereas when house prices fall its considered bad.

If house prices fall it means people will have to use less of their income on providing shelter for themselves, freeing up more money for consumption/eating out/having cups of coffee, which is the driver of the UK economy.

It would be good if the Times became a cheerleader for this new paradigm - driving house prices back to historic averages may provide some discomfort to the over extended, but this is far outweighed by the benefits to the UK economy as a whole

rick, sydney,

As the Rightmove website is owned by the UK's leading estate agents - their figures are near worthless.

Offer 30% below asking price as the first poster suggested.

Ed, Harrogate, UK

If Gordon Brown hadn't made such a mess of the economy and is now trying to raise more indirect taxes to off set his mistakes then we wouldn't have to contend with HIPs making everybody pay more for what? The same information twice plus vat. Well thanks a bunch Brown.

christine marshall , cambridge, England

400 pounds for a house , Thats rediculous .
You could buy three 4 bedroom homes on 1 acre lots here for that money . And we think that 130 pounds is to much for a 4 bed 2 bathroom home.
When i left the UK in 1967 you could get a nice home for 3500 pounds .
Talk about inflation kinda like Zimbabwe in the UK now.
The wages over there must be fantastic for homes to be that expensive .
Brian in Ohio.

brian lee, medina, USA Ohio

After a recent equity bubble (was it late 80s or late 90s) asset managers were required to put a wealth warning on all investments saying that values can go down as well as up. This was because many silly investors at the end of a bull run started to think values could only ever go up.

So isn't now a good time to apply the same wealth warnings to property/houses/flats? The commercial market has obviously tanked, so now VIs only have the residential market left to talk up. Sad.

Davie P, London,

I agree with David Delaney - IF ONLY the media would stop scaremongering and predicting a housing crash like the late 80's early 90's then the housing market would probably ride "the ripple" NOT "storm" that may be coming. If prices do decrease then surely this is only good for first time buyers who have been unable to get a foot on the housing ladder. As for HIPS, what a complete waste of time and money. Why do the Government ignore people in the Business and bulldoze ahead; HIPS has not helped at all and should be scrapped as soon as possible.

Jo Millar
Clacton on Sea

Joanne, Clacton on Sea, UK

I don’t think why these headlines should be considered as gloomy. For the long-term good of the UK economy we need to prick this asset bubble sooner rather than later. The longer we leave it the worse it will get and the more people will be trapped by crippling mortgages and negative equity. The medicine is going to be very painful (especially for the buy-to-let investor). Not talking about the problem will not make it go away. Like any asset bubbles, prices rise far more than anyone would think possible on the way up and fall far lower than anyone would think possible on the way down. Asset bubbles are ruled by fear and greed far more than supply and demand. It won’t be any different this time.

Looking at other property bubble bursts on 'crowded islands' in the 1990's should give you a good indication of how low 'far lower than anyone would think possible' can be.
Japan 70% falls, Taiwan 56% and Hong Kong 63%

Matt, Cheltenham, Gloucestershire

House prices up but a market slowdown - how does that work? By my calculations in 10 years time anyone who owns a property in Britain will be at least a millionaire, don't bank your hopes of winning the lottery the miracle UK housing market will make you rich - or may be not! Anyway I'm off to get myself another few buy to lets.

Alan , Sheffield,

Clouds?
No guys, it will be a STORM!!!!!!!
ehehehehhe

riccardo, brussels,

Wouldn't it be more prudent of the staff at The Times to desist from gloomy headlines about the housing market until prices actually fall significantly. At this rate by the time prices are acutally exhibiting falls, potential readers will be tired of the overkill. Come on guys....the property market isn't crashing right now....stop pretending it is!

David Delaney, Eastbourne,

I knew the interest rate cut would cause house prices to rise.

Next time lets do the sensible thing and increase the base rate by 1%.

DickW, Aberdeenshire, Scotland

Estate agents can't make a seller do anything that they don't want to do. This idea that it is somehow the agent's malevolent behaviour that causes a seller to list their property at too high an asking price is ludicrious...the sad fact is that too many sellers decide to sell their properties having done NO market research themselves and thus have no idea of the value of their properties - or if they have, then they merely get swept away by their own greed and go for the highest valuation despite their best instincts. Why choose an agent on asking price alone anyway? There are so many other important factors to consider when choosing an agent, the price should really be much lower down on the list as you can always change the price. But you can't change the fact that your agent may be incompetent, inexperienced or just plain lazy.

Natalie, London,

With thousands of estate agents sat on their backsides with no income they are BOUND to try to hype the market. It just goes to show how gullible they and The Times think we are. Houses aren't selling for one simple reason - they are overpriced!

A Williams, Cradley Heath,

Exactly Judith,

"The asking price moved up"

Oh dear. Are you and your other cheerleaders following some sort of dream model of business like Northern Rock?

Austin Tassletine, South West, UK

Not surprise at all, that is the strategy that Estate Agents adopt in order to hook potential sellers into their books. Therefore they have to value the house high inorder to attract clients. After a few months unable to find buyers then Est. Agt will then reduce price with sellers' agreement ofcourse. There are dangerer for sellers whom is in financial difficulties because of the risk of loosing their homes if they can't find buyers, as have been seen and more homes are available and est. agents are cutting jobs. To best strategy to survive in this economy downturn, having enough cashflow, be frank about the market conditions with your sellers to help them to sell their houses rather than hook them on.

Linder, London, UK

Rightmove's figures show how estate agents raise sellers greed to unrealistic levels. The properties stay on the market longer, and eventually sell for a lot less than the unrealistic expectations of the sellers and their agents. Plus ca change.

cwillnic, Cardiff,

If people are raising their asking prices,no wonder its taking longer to sell.Prices are falling ,not rising.

stephen hulton, eure, france

Asking Price Inflation! What nonsense, absolutely meaningless. Why even bother to calculate it?

"Because it records the asking prices, and not the eventual sales prices, its average house value is £53,387 higher than the £184,469 recorded by the Land Registry"

Simple arithmetic shows that asking prices are now 29% too high.

Bob Travels, Stevenage,