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It has been recently reports that some houses in the UK have nearly halved in value as the real estate market plummets amid the global financial crisis. It is in the news nearly every day, the media are tailing it all the time – Property Prices are falling.

If you were fortunate enough to sell at the height of the market or are a first time buyer looking to get into the property market then the times we are seeing now really fit the bill. Infact, as prices are falling, many experts say to carry on waiting and contonue to see price falls, even if you purchase now you could see your purchase reduce in price 20-30% over the coming year or two.

Local to where I lived, only a year or so ago, a three bedroom new build family style semi went for £165,000 and I see today after results in an auction by Cheffins in Cambridge, that an identical property in well maintained condition sold for £94,000. You do the maths! Just think how you would be feeling if you bought at the height of the market and your new neighbour moves in a year later telling you they paid nearly half the price.

House prices seem poised to fall substantially further as the fundamentals remain largely.

But Howard Archer, chief UK and European economist at Global Insight.

The Royal Institution of Chartered Surveyors (RICS) said its members sold an average of just 11.5 homes during the three months to the end of September – the lowest level since its survey first began in 1978.

Sooner or later all estate agents will not be overvaluing to get property onto their books as they did before, they will have to value at present day market conditions, or lower if they want to promise a sale.