If you are desperate to sell your house and move on, you might want to discuss cutting your asking price below the tipping point with your real estate agent, which will bring in a big influx of buyers – so long as you cut it by 25%. That seems like a huge amount at the moment – after all that is a quarter of your house’s value, but remember that  if other vendors in the market are doing the same, you’ll be able to pick up a new house at a lower price too.

Something’s got to give right now, as the housing market has reached a stale mate, and yet there is still a lot of pent-up demand. Property is a big chunk of an individual’s investment, and many people just aren’t happy renting – they want to buy and sell property. At present, there really are only two options, cut your losses and move on or get used to lodgers.

Property Agent Savills’ director, Caroline Bell said: “The reaction is extraordinary when you get the price right. We’re getting more than 10 viewings within a week of the price change in many cases, and then several offers. It’s a situation people had stopped expecting”.

The silver lining for this dark cloud of doom and financial limbo is that if the interest is streaming in at 25% less, then prices should not fall much below that because of the basic laws of economics. If supply equals demand at a certain price, that price is likely to stay and all balance is thus restored. And balance is what the UK property market really needs at this point.

Another scary fact for UK residents is that due to falling prices and a weaker pound, property is almost half as cheap as it was two years ago for foreigners.  Although foreign investment is always a good thing, you want to keep British property mainly in British hands otherwise control is effectively relinquished.

Follow the generic piece of advice to stay positive with regards to the property situation at present. Think of it as a delicate balancing act. What happened two years ago is that property prices peaked far too much high and what’s happening now is a type of control mechanism where the prices are tipping to the other extreme – but this will eventually restore balance (at about 25% less than the prices peaked at), and before long all should all be back to normal.