Spot on Jon Cooper - any savvy estate agent should now carve themselves a decent niche by persuading people to cut their imaginary "values" by 25-30% - this would get those punters with good deposits interested and would shake out the true market values. The same with the housebuilders.

Huw Sayer, Norwich, UK

Estate agentsare key now. they must persuade sellers to slash prices if they want to keep a job. Then prices can be affordable again (back to 3.5x salary max + 10% deposit min) and we can all get on with life. The lunacy of 100% mortgages, liar loans and 6x salary are gone - thank goodness.

Jon Cooper, herts, UK,

Positive reaction Andrew? This is positive if your someone waiting to get onto the overpriced housing ladder.

Lenny, Coventry,

So mortgage lending has returned to being based on sensible criteria: 3 to 4 x gross salary plus 10% deposit or thereabouts. For those who saved and didn't fall for property porn propaganda, there will be plenty of repossessed properties, that the banks will need to offload quickly, to choose from.

Paul, Coventry,

Dear mr Paine, What do you want the writer to say. Good news guys, mortgage epprovals only fell 64% over the previous years, sure it will get better soon. Prices have only fallen 7-8% from their peaks and although prices are likely to go down another 20% im sure they will be worth more in 20 yrs

John heenan, bath,

Dear Sir,
Why is it that you only report that the glass is half empty and not the glass is half full?
Why can't we not have a positive slant for a change, we all know times are tough for some people but can't you see that continual negative reporting doesn't help. How about some positive reaction.

Anrew Paine, Rayne, uk

No one can get a mortgage that means no selling if no buyers.The only good news is with no buying & selling the prices will be stable at least. I think the term is market freeze. Those out there saying the worst of the credit crunch is over get out of the office or try reading you are out of touch

Jason Pearson, Toronto, Canada