All the market is affected, except properties of more than £600,000, where there is still quite a robust market. There are still a lot of people buying but they are cutting down on their mortgages. The market is returning to a sensible state of affairs: where people were once looking to sell their £300,000 property to upsize to something twice the price, they are curbing their borrowing to look at something perhaps only £100,000 more.

Edward Church, associate partner, Strutt & Parker, Canterbury

If you need to sell quickly, be prepared to undercut to get a quick sale. If there is a lot of property around in your price range, don't sell; if there is limited availability, then do.

Peter Rickenberg, managing director, Bective Leslie Marsh, West London

There is still some activity and we have even seen a couple of sealed bids on properties under £350,000. In the current market, the mantra: location, location, location is particularly important.

Fiona Smith, manager, Kinleigh Folkard & Hayward, South London

We have seen small but necessary reductions in prices of 5 per cent over the past six months. Sellers must be realistic: if a property is not attracting viewings, nine times out of ten this is down to the price.

James Staite, manager, Kinleigh Folkard & Hayward, West London

There is a slight increase in the number of first-time buyers registering and these now have a choice of property. Last year properties under the £250,000 stamp duty threshold were virtually unheard of in Clapham, whereas today we are selling eight properties under £250,000.

Katherine Wells, manager, Kinleigh Folkard & Hayward, South London

In the same way that a lot of buyers are wary, vendors are also hesitant to sell. Many are choosing to let their property as an alternative as the returns are more secure.

Kari Trajer, associate director of lettings, Hurford Salvi Carr, Central London

People who initially were trying to sell their buy-to-let have now withdrawn them and put them back on the rental market. They are looking for a steady income while waiting to see what will happen.

Steven Saunders, RA Bennett & Partners, Gloucestershire

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