WWW
The reason that the agent was so keen to knock £50 grand off the price was to get some money into his bank!
At the moment estate agents are dropping left right & centre. In the good times Any old lagg with a car, mobile phone and shop front can set up as an estate agent. These people pushed up the price of houses and are in part to blame for the high price of property.
Now comes the positive feedback they can't now sell at the inflated prices they could last year and need to sell at any price to get some money through the door.
The thing that I find most pleasing is that the good estate agents will be able to ride this out but the "wide boys" will go broke.
The bottom line is if you sell a house now you will buy another at an equily depressed price so no overall loss, if it is a roof over your head you are wanting the "value" of that roof is not much of an issue, however if you are one of the millons of Brits who see the house as some sort of investment and have borrowed far to much in the hope of making a quick buck then you are deep in the doo-doo.