Sellers stuck?

House sellers beware: be prepared to scratch thousands from your asking price if you're keen to move anytime soon.

The morbid mood enveloping the UK housing market has soured any chance of a quick sale, especially in the Christmas and early New Year period when sales practically grind to a halt as holidays and festivities take priority.

Many vendors are now being told by estate agents that a long wait – as much as six months - lies ahead unless you're ready to scythe tens of thousands of pounds, or even more if you live in a luxury home, from your price.

Sales are barely trickling through agents' books, the Royal Institution of Chartered Surveyors warns, with transactions "at a historic low" a spokesman says: barely one property per week is being sold, its latest research suggests.

It's all down to a confidence-sapping climate of fear that, despite the recent eye-popping drop in Bank of England base rate to 2%, has seeped into the market.

First, prices are still hurtling downhill, sliding by 2.2 per cent in October alone according to the Halifax house price index.

Second, this then leaves buyers in a quandary, especially those first-timers on whom the property market depends for its lifeblood: if prices fall further, then why buy today when your target house could cost less tomorrow?

"Despite the recent eye-popping drop in Bank of England base rate, a confidence-sapping climate of fear has seeped into the housing market."

And third, lenders continue to keep the door firmly bolted against most buyers who have little equity in their property: anyone with less than a 10 per cent deposit is deemed a particularly high risk, especially set against the menace of negative equity, and so must pay a premium for their home loan.

It can leave vendors close to despair, particularly those who need to move urgently for business or family reasons but who can't chop thousands off the price. However, with a dash of ingenuity and bold resolve, you can steal a march on rivals and still sell your home.

The first step is one overlooked by many yet it's one of the biggest factors determining a sale: that crucial "first impression" made by your home's appearance.

Simple 'touch up' tricks such as a spotless kitchen, bedrooms with clear floorspace and half-full shelves (hide the extra books or CDs in cupboards for now) flatter to deceive – and there's one room in particular to which sellers must pay great attention.

"It sounds too simple but you really cannot underestimate how important your hallway is," says James Brooks of Kinleigh Folkard and Hayward property agent. "It's usually unassuming but it's the very first room potential buyers see, and its impact can be huge, so make sure it's as clean, tasteful and clutter-free as possible."

"If your house is on sale at 25% less than you wanted, make sure you secure the same discount when you buy."

If you're struggling for inspiration, you could even hire an interior design company to visit and inject some pizzazz into each room. A 'dress to sell' service by This Designs sees a specialist come to your house to give it a temporary makeover to knock viewers off their feet; prices begin at £699 but will cater for any budget or number of rooms.

And if you've tried every space-saving trick in the book but to no avail, it could be worth considering a radical option: move out in the short-term. This way, your house or flat can benefit from the smart appeal of looking 'lived in' without all the attendant mess; of course, you'll have to pay to rent temporarily unless you've friends or family with a spare room, but if it means a swifter sale at a better price, it could be worth it.

Although you may well balk at dropping your asking price any further, the key to a speedy sale is homework: and some cunning.

First research and double-check the prices of every house or apartment offering the same number of rooms, size or facilities in your neighbourhood or town, and then hoist a 'For Sale' sign on it at a slight discount to everybody else.

Don't forget that, if you're trading up the ladder, you may well be taking a hit on your selling price but you'll no doubt be looking to save money on your next purchase. So if your house is on sale at 25% less than you wanted, make sure you try to secure the same discount when you buy.

An increasingly popular option – according to the National Association of Estate Agents - to speed up a sale, if you're stuck in a housing chain that won't budge because of one vendor who can't suffer a price drop in order to sell, is to effectively shoulder this hidden 'cost'.

How? It's simply a case of working out the difference between the said seller's (usually too high) asking price and one at which it will attract a buyer - and divvy it up between all chain 'members'. It might hurt financially, but at least you'll be sharing this cost and all parties manage to move at last.

If you've tried all these and have yet to sell, it could be time to ditch your agent and try a private house sale instead. By reaching a national or even global audience through an online direct sales site, you can save a considerable sum - £20,000 on a £1m house – that you can then use as an enticement for potential buyers.

By offering to split these savings with a buyer, you should be in a win-win scenario: while the buyer secures extra money off, you move house more quickly.

Don't be lulled into comfort too quickly, though: a private sale sees you take on the responsibility of holding viewings, being in for appointments and entering negotiations on price.

One final card up your sleeve is to offer a financial 'reward' to the friend, family member or work colleague who introduces the eventual buyer to you: it's amazing how word-of-mouth can energise your immediate close circle when there's a cash incentive on offer!

By Sam Dunn