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Sellers - and some agents - are failing to adjust to the new mood in the housing market. Many advisers have highlighted keen pricing as the key factor to achieving a sale, yet data just released by Primelocation.com indicates that the average asking price of better homes in London is now 3.1 per cent higher than a month ago. The Rightmove house price index, due to be published next week, will show that asking prices in the mainstream market have risen again.

Is this optimism misplaced? It seems so. The Royal Institution of Chartered Surveyors this week said that market conditions are at their weakest since 1996, with more agents reporting price falls and a greater number of homes languishing on their books. The Nationwide house price index shows prices have fallen for the fourth month in a row, down 0.5 per cent.

Such gloomy news does little to boost the prospects of a home that may have been languishing, overpriced, on the market for months. Yet some sellers are achieving prices equal to those seen at the height of the boom. How? By pricing low, to attract interest, reeling in buyers, and encouraging them to compete. Tim Blenkin, of Blenkin and Co in York, says: “If you can get two or three buyers interested, they will give each other confidence and bid the price up.”

Better yet, a speedy sale will give less time for worries to emerge and scupper the deal - or for buyers to discover that their lender is no longer inclined to be so generous. This shortage of credit is the other hard-to-accept factor defining the property market in 2008.

WHAT THE AGENTS SAY:

"There's some mixed messages out there but we are still predicting a modest amount of growth as buyers come into the London market." ROBERT BARTLETT, CHESTERTONS

"The market is like a seesaw that is unsure which way to go." CHRISTOPHER BLETSOE, H BLETSOE & SON, KETTERING, NORTHAMPTONSHIRE

"We are going back to the more traditional market: owner-occupiers will buy off-plan, but no more than six months before completion." GUY ACKERNLEY, PARTNER, KING STURGE, LEEDS

"With local prices settling some 10 per cent below the highs of July 2007, a good number of buyers are recognising buy opportunities." ALEX THOMPSON, WINKWORTH NOTTING HILL, WEST LONDON

"McHugh & Co recently had a fantastic auction, as did Strettons and Savills. You can't even get in the room." MARCUS JAYS, PROPERTY TRADER, LONDON

"Many applicants who would have qualified for a mortgage last year either no longer do so or are having to lower their sights on price." STEPHEN WHITLEY, R WHITLEY & CO, WEST DRAYTON, MIDDLESEX

"The market in Cheshire is littered with houses that buyers feel to be overpriced. The next three months will see those serious sellers becoming more realistic on their guide prices." RUPERT SWEETING, KNIGHT FRANK

"Well-presented homes in good locations in Bath are still selling well, with demand greater than supply, but properties in poor condition or secondary locations are struggling to find serious interest." ANDREW CRONAN, SAVILLS

"If you price competitively, interestingly and even cheaply, you will sell. If you make £100,000 less on your home, knock £110,000 off the one you are going to buy. If people didn't have a hidebound idea about what “their” house is worth, they could end up quids in." TIM BLENKIN, BLENKIN & CO, YORK

"Last year we failed to find a buyer for Farriers Hall, Sissinghurst, in Kent, with a guide price of £1 million. This year we lowered the price to £895,000. The result was a mass of viewers, multiple viewings, competitive bidding and a sale price of, you guessed it, close to £1million." WILLIAM PEPPITT, SAVILLS

"We took a strong line on bringing prices down on many properties by up to 10 per cent and this caused a market increase in viewings, offers and sales." DAVID McKILLOP, McKILLOP & GREGORY, SALISBURY

"It's going to be a tough 2008, but ironically it's a good year in which to trade up." MILES SHIPSIDE, RIGHTMOVE

"There's been a marked improvement since January. The base rate coming down has give confidence. We are seeing first-time buyers, and individuals who viewed properties two months ago come back and make an offer" TONY FILICE, KELVIN FRANCIS, CARDIFF

"Most of the activity in the market is for properties under £500,000, with first and second-time buyers looking to upgrade. Families with larger houses are choosing to stay put until there is more stability and confidence in the market" ALEX INSKIP, KINLEIGH FOLKARD & HAYWARD, WIMBLEDON

"Many first-time buyers are unable to secure high loan-to-value ratio mortgages, which has unsettled the lower end of the market." PAUL KNIGHT, STREET, SOMERSET

"Desirable property in prime suburban or village locations is receiving great interest: a rectory or manor house with acreage is still in demand. But modern “executive” homes priced from £400,000 to £600,000 are slow because anything less than exceptional in price or locality is struggling to generate interest" ROBERT GODFREY, BIDWELLS, NORTHAMPTON

"First-time buyers do stand to benefit from the market slowdown but they won't benefit overnight. They are being punished for the banks' reckless lending in the past and should now save furiously and keep their credit file as clean as possible" PAUL HOLMES, FIRSTRUNG.COM

"The lettings market is carrying on apace and doing nicely, particularly for nicely presented, good-quality apartments in city centres or two or three-bedroom houses in the North. The ones that are suffering are older apartments that look tired and have high service charges" ROBERT JORDAN, JORDANS, MANCHESTER

"Some buyers are making offers on more than one property through different agents at the same time and seeing who will take their offer" JOHN FROST, FROST PARTNERSHIP, SLOUGH

"Buyer inquiries, property viewings and general inquiries relating to property purchases remain at a good level, although agreed sales as a result of this general activity are not forthcoming" STEPHEN JEFFERY, JEFFERY JONES PARTNERSHIP, DERBY

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